Synonyms for “Receive”: “Charge,” “Levy,” “Assess,” “Subtract,” “Deduct,” “Reduce”
“TFLIC receives an asset charge of 1.18% from the assets of the separate account.”
–Prospectus
On the list of really annoying things about a great many mutual funds and how they disclose their (too-high) fees, add this one: a bond fund sponsored by Transamerica Financial Life Insurance (“TFLIC”) — one of the choices in my wife’s 401(k) plan — that includes the disclosure (above) about its fees.
Because Transamerica is clearly confused about the definition of “receive,” herewith is how Webster’s Dictionary defines it:
“Re•ceive” \ri-‘sev\ : to come into possession of: acquire <receive a gift>
Some gift.
Compounding matters: a charge of 1.18% appears to be exorbitant for the related investment vehicle.
Maybe Transamerica should “receive” a fine for employing misleading disclosure language.
And/or be replaced with another, more forthcoming fund in my wife’s 401(k) menu of choices.
