PROGRAM EXPENSE CHARGE Clause Samples

PROGRAM EXPENSE CHARGE. There will be an annual Program Expense Charge; equal to the amount in subsections (a), plus the amount in subsection (b) of this Section 9.01, which shall be paid to Equitable from the Funding Accounts. (a) A “Percentage Charge” consisting of the sum of the amounts derived by multiplying the following percentages times the aggregate balance of the Funding Accounts as of the immediately preceding January 31: (i) 0.51% of the first $500 million of the aggregate balance; (ii) 0.41% of the next $500 million of the balance; (iii) 0.318% of the balance in excess of $1 billion. (b) An $80 per Participant charge which will be adjusted annually in accordance with the Consumer Price Index as reported by the U.S. Department of Labor. The Program Expense Charge may be changed as of any May 1 as communicated to the Owner. In no event shall the Program Expense Charge exceed 1.00%. The program expense charge is calculated as of each January 31. One twelfth of the program expense charge will be charged to Participants’ account balances computed on an equivalent daily basis during each of the 12 consecutive months beginning May 1 of the same calendar year. In the case of a Funding Account that is not valued every Business Day, a pro rata portion of the then applicable program expense charge will be charged to Participants’ Accounts in such Funding Account on each Business Day for which a value is established.