Empire Life will be ending the temporary partial management fee waiver for its Money Market Fund. The last date the waiver will be applied is December 30, 2016.
On January 15, 2016, Empire Life started to waive part of the Money Market Fund management fee to partially offset the impact of negative returns experienced by some customers. In normalized times, money market funds have acted as a safe haven. However, low interest rates have created an environment in which many money market funds have posted negative returns. Money market funds are not risk free investments. The waiver was intended to run for up to one year to provide customers the opportunity to discuss the impact of low rates on money market investments with their advisors.
Please contact your financial advisor or an Empire Life Customer Service Representative at 1-800-561-1268 if you have questions.