Which of the following is NOT a characteristic of sub-transfer agent fees?

Sub-transfer agent fees are associated with the services provided in the management of participant-directed accounts typically seen in retirement plans. These fees can vary based on how assets are structured and managed.

The option indicating that sub-transfer agent fees decrease as assets grow is not characteristic of these fees. In practice, as the asset base grows, sub-transfer agent fees may not necessarily decrease; instead, they can be structured to remain constant, or in some cases, they might increase. This is due to the complexity of managing larger accounts with more transactions and customer interactions which could lead to higher operational costs.

On the other hand, sub-transfer agent fees are generally flat dollar amounts or based on a percentage of assets, aligning with either model depending on the plan's structure and the services provided. Additionally, these fees are predominantly applicable to participant-directed accounts, where the investments are managed at the discretion of individual participants, as opposed to being managed by a central organization.

Thus, identifying that these fees do not inherently decrease with an increase in assets helps clarify the structure and implications of how such fees operate within retirement plan management.