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Good News! There will no longer be a 10 basis point fee on assets held by DAP participants in Fidelity Funds.  This fee was necessary to offset plan expenses with the prior record keeper but is no longer necessary with Fidelity as the record keeper.

The Fidelity Board of Trustees has also changed their redemption fee policy. Effective May 31, 2006, the following DAP transactions will be exempt from a redemption fee:

  • Minimum required distributions
  • Systematic withdrawal program (SWP) (DAP distributions on 15th of each month)
  • Redemptions associated to death, disability or a Qualified Domestic Relation Order

Transfer freeze policy with a pending distribution –

Fidelity will now allow you to delay your pending distribution (SWP or partial) a short time without additional paperwork to accommodate your transfer when you request one.  You will not be prevented from transferring funds on any day when the market is open.

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