In Case You Missed It: RI Unemployed Hit by Big NY Bank Fees
GoLocalProv News Team
In Case You Missed It: RI Unemployed Hit by Big NY Bank Fees
State of RI Slams Unemployed with High Fees Tied to JPMorgan Chase
A New York-based bank with no branch locations in Rhode Island has saddled recipients of unemployment benefits with hidden credit card-style fees as much as five times what state officials say they should be, a GoLocalProv investigation has found.
About a fifth of all Rhode Islanders on unemployment receive their benefits through an electronic payment card (EPC) similar to a debit or credit card that is issued by JPMorgan Chase Bank. The cards are meant to provide easy access to benefits for thousands of recipients, in most cases with no fees and, in the few instances where a fee is charged, the maximum would be $5 for teller withdrawals at a bank, state and JPMorgan Chase officials said in interviews.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTRead more about the RI unemployment fees tied to JPMorgan Chase Bank HERE.
See How Much Providence Pays in Pension Fund Fees
Manager: Halpern Denny III
Manager Effective Fee: 0.0%
Asset Class: Private Equity
Assignment: Private Equity
Market Value: $188,318
% of Total Fund: 0.1%
Note: Fund is in liquidation.
Manager: William Blair VII
Manager Effective Fee: 0.0%
Asset Class: Private Equity
Assignment: Private Equity
Market Value: $434,649
% of Total Fund: 0.2%
Note: No further management fee is charged in 2013 other than a $2000 charge anticipated from January 2013 to mid March 2013. Fund is in liquidation.
Manager: SSgA Russell 2000 Growth
Manager Effective Fee: 0.08%
Asset Class: Equity Managers
Assignment: Small Growth (Index)
Market Value: $10,415,062
% of Total Fund: 3.9%
Note: Subject to $10,000 min annual fee.
Manager: SSgA Russell 1000 Growth
Manager Effective Fee: 0.08%
Asset Class: Equity Managers
Assignment: Large Growth (Index)
Market Value: $6,811,160
% of Total Fund: 2.6%
Note: Subject to $10,000 min annual fee
Manager: Vanguard MG ETF
Manager Effective Fee: 0.10%
Asset Class: Equity Managers
Assignment: Mid Growth
Market Value: $7,635,410
% of Total Fund: 2.9%
Manager: Invesco Venture Fund III
Manager Effective Fee: 0.25%
Asset Class: Private Equity
Assignment: Venture Fund of Funds
Market Value: $1,627,627
% of Total Fund: 0.6%
Note: Fee reduced to 0.25% in Q4-2013.
Manager: Columbia (Fleet)
Manager Effective Fee: 0.30%
Asset Class: Cash
Assignment: Large Value
Market Value: $397,606
% of Total Fund: 0.1%
Note: Subject to $15,000 min annual fee.
Manager: Columbia (ValuePath)
Manager Effective Fee: 0.37%
Asset Class: Equity Managers
Assignment: Large Value
Market Value: $20,453,356
% of Total Fund: 7.7%
Note: Columbia (Value Path): 0.40% on first $10m/0.35% on next $15m/0.30% on next $75m/0.25% on remainder.
Manager: Mellon (Prov Group)
Manager Effective Fee: 0.50%
Asset Class: Equity Managers
Assignment: Large Growth
Market Value: $6,641,213
% of Total Fund: 2.5%
Manager: Renaissance Installation Equity Fund
Manager Effective Fee: 0.50%
Asset Class: Hedge Funds
Assignment: Long/Short Equity
Market Value: $34,779,679
% of Total Fund: 13.0%
Note: Additional performance fee of 10%.
Manager: Q-BLK (Quellos) Strategic
Manager Effective Fee: 0.50% Min
Asset Class: Hedge Funds
Assignment: Fund of Funds
Market Value: $11,120,033
% of Total Fund: 4.2%
Note: The quarterly advisory fee paid to the Investment Manager is 0.1250% (0.50% per annum) of the Fund’s net assets on a quarterly basis when the Fund’s quarterly return is equal to or less than the return on the 90-day US Treasury bills plus 1.25%. The advisory fee will ratably increase, depending on the Fund’s performance, up to a maximum of 0.6250% per quarter (2.50% per annum).
Manager: Rogge Global Partners
Manager Effective Fee: 0.65%
Asset Class: Fixed Income
Assignment: Foreign Bonds
Market Value: $14,033,078
% of Total Fund: 5.3%
Manager: Boston Partners MV
Manager Effective Fee: 0.70%
Asset Class: Equity Managers
Assignment: Mid Value
Market Value: $24,556,046
% of Total Fund: 9.2%
Note: Boston Partners-MV: 0.70% on first $25m/0.60% on remainder.
Manager: Brandes
Manager Effective Fee: 0.74%
Asset Class: Equity Managers
Assignment: Foreign Equity
Market Value: $39,824,387
% of Total Fund: 14.9%
Note: Brandes Partners: 0.95% on first $10m/0.80% on next $10m/0.60% on next $30m/0.50% on remainder.
Manager: Boston Partners SV
Manager Effective Fee: 0.99%
Asset Class: Equity Managers
Assignment: Small Value
Market Value: $25,886,408
% of Total Fund: 9.7%
Note: Boston Partners-SV: 1% on first $25m/0.80% on remainder.
Manager: Point Judith II
Manager Effective Fee: 1.50%
Asset Class: Private Equity
Assignment: Private Equity
Market Value: $1,174,791
% of Total Fund: 0.4%
Note: Management fee is charged on committed capital and is equal to 2.5% during the first six years of the fund; 1.5% for the next two years and 1.0% thereafter. Point Judith also charges a performance fee of 20%.
Manager: Graham Global II*
Manager Effective Fee: 3.0%
Asset Class: Hedge Funds
Assignment: Global Macro
Market Value: $5,426,857
% of Total Fund: 2.0%
Note: Additional performance fee of 25%
