What fees are associated with NY Life retirement accounts?

When considering retirement accounts offered by NY Life Retirement Services, it is essential to understand that various fees may be associated with these accounts, and they can differ based on the type of retirement product selected. Fees may include management fees, surrender charges, administrative fees, and investment fees. Management fees are typically charged as a percentage of assets under management and can vary depending on the specific investment options chosen within the retirement account. Surrender charges can apply if withdrawals are made from certain products before a specified period, often designed to encourage longer-term holding of the investment. Administrative fees may cover the costs associated with managing the retirement account, while investment fees are linked to the underlying investment options and can include expense ratios for mutual funds or other investment vehicles. It is vital for individuals to review the terms and conditions associated with their specific retirement account thoroughly. Those interested in detailed fee structures are encouraged to refer to the account materials provided or check the official NY Life Retirement Services website for the most current and specific information. Understanding these fees will help ensure that individuals make well-informed decisions about their retirement planning.