We are re-issuing this notice originally circulated in 2025 to ensure you have the most accurate and up-to-date information. Recent changes adopted by vendors have required an update to our prior communication.
This updated version reflects the correct information. Please disregard the prior notice and utilize the details provided here going forward.
Several vendors, including Security Benefit, Voya, and Livewell Sammons offer a mutual fund platform that incorporates either a custodial, asset based, or recordkeeping fee which allow them to provide various mutual funds from multiple fund families. When utilizing these investment platforms, it is important that all potential fees are disclosed on the Mutual Fund Purchase Disclosure.
Security Benefit-Advisor Mutual Fund Program
There is currently only one cost option with Security Benefit Life Advisor Mutual Program known as Option 3. Option 4 was discontinued as of January 2026. The cost structure of Option 3 is similar to C share mutual funds and may generally be suited for clients with shorter time horizons.
In completing the Mutual Fund Purchase Disclosure form for an Option 3 purchase, the registered representative should check the box next to “Account has asset-based fees (Describe in the remarks below)”. In the remarks section IV, the registered representative should disclose a 1% annual Asset Based fee, a $35 annual fee, along with an additional charge of .45% for Vanguard or Avantis Funds, .25% for Needham Funds, and .10% for American Funds.
*Custodial Fees for Security Benefit Life SOLO 401(k) business requires slightly different disclosure
In Section III of the MFPD for this product we should check “Share Class not listed above” and R-shares.
Fees to be disclosed in the remarks of the Mutual Fund Purchase Disclosure include: $100 one-time set up fee, .95% asset-based fee +.05% asset-based fee to service provider, .45% additional custodial fee for Vanguard Funds. $35 Per participant fee.
Voya Select Advantage IRA:
Voya’s investment platform is more straightforward with only one investment option, although their fees vary depending on average monthly account value. In completing the Mutual Fund Purchase Disclosure for Voya, the registered representative should check the box next to “Account has asset based custodial fees (Describe in the remarks below)”. In the remarks section IV, the registered representative should disclose the average monthly account value recordkeeping fee as follows:
$0 – <$50k = 0.60%
$50k – <$100k = 0.55%
$100k+ = 0.50%
Additionally, a $50 annual maintenance fee applies for accounts balances of $15,000 or below.
Sammons LiveWell Mutual Fund IRA:
Sammons IRA offers no load funds with no transaction fees. In completing the Mutual Fund Purchase Disclosure for Sammons, the registered representative should check the box next to “Account has asset based custodial fees (Describe in the remarks below)”. In the remarks section IV, the registered representative should disclose the average account value recordkeeping fee as follows:
$100,000+ = .45%
$50,000 -< $100,000 = .55%
$25,000 -< $50,000 = .65%
Less than $25,000 = .80%
TC8926177(0526)1
