Important IRA Account Information
You will pay a quarterly administrative fee of 0.01125% of your averaging quarterly account balance, the equivalent of 0.45% (45/100 of 1%) of your average annual account balance(s).
The maximum administrative fee you can pay per calendar year is $600 for WEAC members and $750 for nonmembers.
An annual minimum fee of $25 applies to inactive accounts (accounts with no annual contributions).
The WEAC IRA program has no other program fees. There are no sales loads, no mortality charges, no contribution fees, and no surrender charges or withdrawal fees of any type.*
Mutual fund management fees may apply for each mutual fund in which you invest.
The mutual funds that are offered by the WEAC IRA may charge a redemption fee. These fees are applied to shares that are acquired through purchases, including, but not limited to, contributions, trades, exchanges, transfers, and rollovers, and the subsequent sale occurring within the specified time frame. For more information about redemption fees, please refer to the mutual fund prospectus.
Interest is compounded daily to produce a yield net of Prudential’s administrative fee of 0.60%. PRIAC is compensated in connection with this product by deducting an amount for investment expenses and risk from the investment experience of certain assets held in PRIAC’s general account. All earnings on investments are credited gross of 403(b) and IRA program fees. The Prudential Guaranteed Investment is a group annuity insurance product issued by Prudential Retirement Insurance and Annuity Company (PRIAC). Amounts contributed to the contract are deposited in PRIAC’s general account. Payment obligations and the fulfillment of any guarantees specified in the group annuity contract are insurance claims supported by the full faith and credit of PRIAC. PRIAC periodically resets the interest rate credited on contract balances, subject to a minimum rate specified in the group annuity contract and subject to change. Past interest rates are not indicative of future rates. Participant Level Protections (PLPs) are in place to help preserve the guarantee of the fund. PLPs may limit your ability to withdraw funds from the fund. For more information on the PLPs and how it may affect your account, please reference the Prudential Guaranteed Investment PLP question and answer sheet or by calling Retirement and Investment Services at 1-800-279-4030, Extension 8568.
Eligibility to participate in the WEAC IRA program requires each participant to be a Wisconsin resident and meet one of the following criteria: WEAC member; WEA Member Benefits, WEA Trust, or WEAC employee; employee of a school offering the WEA TSA Trust 403(b); or currently participating in any WEA Member Benefits program.
Family member eligibility
The following family members of an eligible participant, as described above, may participate in the WEAC IRA program: spouse or domestic partner, children and their spouses, parents, parents-in-law—and in some cases, your grandchildren. Restrictions may apply. Wisconsin residency required.
Trades are transfers within a WEAC IRA account of existing fund balances between the Prudential Guaranteed Investment** and a mutual fund investment or between mutual funds.
WEA Member Benefits reserves the right to restrict excessive trading.
Fees current as of February 13, 2018, and are subject to change. If fees change, you will be given a 30-day notice.
Keep in mind that mutual fund investments are not guaranteed and may gain or lose value. Past performance is no guarantee for future results. Future performance may be lower or higher than past performance.
Before investing in any mutual fund, view a prospectus or call WEA Member Benefits at 1-800-279-4030 to request one. We advise you to read it carefully and consider the fund’s investment objectives, risks, and charges and expenses carefully before investing. The prospectus contains this and other information about the investment company.
All earnings on investments are credited gross of 403(b) and IRA program fees.
The Prudential Guaranteed Investment is a group annuity product issued by Prudential Retirement Insurance and Annuity Company (PRIAC).
*Mutual fund management fees apply. See the Investment Spectrum for current management fees for mutual funds offered through WEA Member Benefits.