 | Proskauer Rose LLP Eleven Times Square New York, NY 10036-8299 |
April 1, 2021
VIA EDGAR
Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, D.C. 20549
Attention: Deborah O’Neal
| Re: Lazard Retirement Series, Inc. | |
| Post-Effective Amendment No. 87 to Registration Statement on Form N-1A | |
| (Registration Nos.: 333-22309; 811-08071) |
To Whom It May Concern:
On behalf of the above-referenced fund (the “Fund”), on or about April 9, 2021 we plan to file with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended (the “1940 Act”), Post-Effective Amendment No. 87 (the “Amendment”) to the Fund’s Registration Statement on Form N-1A (the “Registration Statement”). The Amendment relates to Post-Effective Amendment No. 86 (“Amendment No. 86”) to the Registration Statement, filed on January 29, 2021, which was filed: (i) in order to add a new series, Lazard Retirement US Sustainable Equity Portfolio (the “New Portfolio”), to the Fund; (ii) to reflect certain changes to the investment strategy of Lazard Retirement Emerging Markets Equity Blend Portfolio (to be known as Lazard Retirement Emerging Markets Strategic Equity Portfolio); and (iii) to reflect certain previously-effective changes to the investment strategy of Lazard Retirement Real Assets Portfolio (formerly known as Lazard Retirement Real Assets and Pricing Opportunities Portfolio).
The Amendment will respond to comments of the staff of the Commission (the “Staff”) on the prospectus included in Amendment No. 86 that were provided to the undersigned and Devin Kasinki of this office by Deborah O’Neal of the Staff via telephone on March 9, 2021.
For the convenience of the Staff, and for completeness purposes, the Staff’s comments have been restated below in their entirety, and the response is set out immediately following each comment. We have considered comments made by the Staff with respect to one section of the Registration Statement as applicable to similar disclosure elsewhere in the Registration Statement. Capitalized terms used but not defined herein have the meanings assigned to them in the Amendment.
Summary Section—Fees and Expenses
| 1. | Staff Comment: Please provide the Staff with the completed fee table and expense examples at least one week before the effective date of the Amendment. |
Response: The completed fee table and expense examples are attached to this letter as Exhibit A.
| 2. | Staff Comment: Please confirm whether, in connection with the fee waiver and expense limitation arrangement in place between the Investment Manager and the Fund on behalf of the Portfolios (the “Expense Limitation Agreement”), the Investment Manager retains a right to seek reimbursement from the Portfolios for amounts waived or reimbursed by the Investment Manager pursuant to the Expense Limitation Agreement. If the Investment Manager retains such a right, please disclose the terms and conditions of this right in footnotes to the fee table. |
Response: The Expense Limitation Agreement contains no provision for recoupment of fee waivers or expense reimbursements, and the Investment Manager has advised us that it will not seek recoupment from a Portfolio for any fee waivers and expense reimbursements pursuant to the Expense Limitation Agreement.
Beijing | Boca Raton | Boston | Chicago | Hong Kong | London | Los Angeles | New Orleans | New York | Paris | São Paulo | Washington, DC
Summary Section—Principal Investment Strategies
| 3. | Staff Comment: The second paragraph under “Principal Investment Strategies” for the New Portfolio states: |
The Investment Manager’s process first identifies companies within the investable universe, which are companies that the Investment Manager believes are capable of (1) sustaining high financial productivity (i.e., the return a company generates) for periods in excess of market expectations, or (2) capable of improving financial productivity to a greater extent or more expeditiously than the market expects (i.e., are undervalued) and which exhibit good expectations for future cash flows and profitability. Next, the Investment Manager reduces the investable universe using fundamental analysis and research on the companies identified.
(emphasis added). Please consider revising the disclosure to clarify the intended meaning “sustaining” in contrast to the use of “Sustainable” in the New Portfolio’s name and investable universe of “Sustainable Companies.”
Response: In the Amendment, the second paragraph under “Principal Investment Strategies” will be revised as follows:
The Investment Manager’s process first identifies companies within the investable universe, which are companies that the Investment Manager believes are capable of (1) sustaining generating and maintaining high financial productivity (i.e., the return a company generates) for periods in excess of market expectations, or (2) capable of improving financial productivity to a greater extent or more expeditiously than the market expects (i.e., are undervalued) and which exhibit good expectations for future cash flows and profitability. Next, the Investment Manager reduces the investable universe using fundamental analysis and research on the companies identified.
Additional Information
| 4. | Staff Comment: Form N-1A General Instruction C.3.(c)(iii) states: “[a] prospectus that contains information about more than one Fund may integrate the information required by any of Items 6 through 8 for all of the Funds together, provided that the information contained in any Item that is integrated is identical for all Funds covered in the prospectus.” Please confirm that the tax information for the New Portfolio is identical to the tax information for other funds which use the same cross reference to the integrated section “Additional Information about the Portfolios.” If such tax information differs from other Portfolios, please disclose such differences. |
Response: Fund management has confirmed that the tax information for this Portfolio is identical to the information for the other Portfolios.
* * * * *
We hope the Staff finds that this letter and the revisions to the prospectus are responsive to the Staff’s comments. Please telephone the undersigned at 212.969.3722 or Lisa Goldstein at 212.969.3381 if you have any questions.
Very truly yours,
/s/ Robert Spiro
Robert Spiro
| 2 |
EXHIBIT A
Lazard Retirement US Equity Concentrated Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc., but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .70% | .70% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .13% | .13% | ||
| Total Annual Portfolio Operating Expenses | 1.08% | .83% |
| 1 | Based on estimated amounts for the current fiscal year. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 110 | $ | 343 | |||
| Investor Shares | $ | 85 | $ | 265 | |||
Lazard Retirement US Sustainable Equity Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .60% | .60% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .20% | .20% | ||
| Total Annual Portfolio Operating Expenses | 1.05% | .80% | ||
| Fee Waiver and/or Expense Reimbursement2 | .05% | .05% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.00% | .75% |
| 1 | Based on estimated amounts for the current fiscal year. |
| 2 | Reflects a contractual agreement by Lazard Asset Management LLC (the ”Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until June 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.00% and .75% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement described above. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 102 | $ | 318 | |||
| Investor Shares | $ | 77 | $ | 240 | |||
Lazard Retirement US Small-Mid Cap Equity Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .75% | .75% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses | .33% | .33%1 | ||
| Total Annual Portfolio Operating Expenses | 1.33% | 1.08% | ||
| Fee Waiver and/or Expense Reimbursement2 | .18% | .08% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.15% | 1.00% |
| 1 | Based on estimated amounts for the current fiscal year, using “Other Expenses” for Service Shares from the last fiscal year. |
| 2 | Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.15% and 1.00% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 year | 3 years | 5 years | 10 years | ||||||||||||
| Service Shares | $ | 117 | $ | 404 | $ | 712 | $ | 1,586 | |||||||
| Investor Shares | $ | 102 | $ | 336 | $ | 588 | $ | 1,310 | |||||||
Lazard Retirement International Equity Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .75% | .75% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses | ||||
| Fees and Expenses Related to Filing Foreign Tax Reclaims | .07% | .07%1 | ||
| Remainder of Other Expenses | .20% | .20%1 | ||
| Total Other Expenses | .27% | .27% | ||
| Total Annual Portfolio Operating Expenses | 1.27% | 1.02% | ||
| Fee Waiver and/or Expense Reimbursement2 | .10% | .10% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement3 | 1.17% | .92% |
| 1 | Based on estimated amounts for the current fiscal year, using the amounts for Service Shares from the last fiscal year. |
| 2 | Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.10% and .85% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds, ” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
| 3 | Excluding Fees and Expenses Related to Filing Foreign Tax Reclaims, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.10% and .85% of the Portfolio’s Service and Investor Shares, respectively. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 year | 3 years | 5 years | 10 years | ||||||||||||
| Service Shares | $ | 119 | $ | 393 | $ | 687 | $ | 1,525 | |||||||
| Investor Shares | $ | 94 | $ | 315 | $ | 554 | $ | 1,239 | |||||||
Lazard Retirement International Equity Select Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc., but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .65% | .65% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .25% | .25% | ||
| Total Annual Portfolio Operating Expenses | 1.15% | .90% |
| 1 | Based on estimated amounts for the current fiscal year. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 117 | $ | 365 | |||
| Investor Shares | $ | 92 | $ | 287 | |||
Lazard Retirement International Equity Advantage Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc., but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .65% | .65% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .16% | .16% | ||
| Total Annual Portfolio Operating Expenses | 1.06% | .81% |
| 1 | Based on estimated amounts for the current fiscal year. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 108 | $ | 337 | |||
| Investor Shares | $ | 83 | $ | 259 | |||
Lazard Retirement International Equity Concentrated Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .80% | .80% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .15% | .15% | ||
| Total Annual Portfolio Operating Expenses | 1.20% | .95% | ||
| Fee Waiver and/or Expense Reimbursement2 | .05% | .05% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.15% | .90% |
| 1 | Based on estimated amounts for the current fiscal year. |
| 2 | Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.15% and .90% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 117 | $ | 365 | |||
| Investor Shares | $ | 92 | $ | 287 | |||
Lazard Retirement International Quality Growth Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .75% | .75% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .20% | .20% | ||
| Total Annual Portfolio Operating Expenses | 1.20% | .95% | ||
| Fee Waiver and/or Expense Reimbursement2 | .10% | .10% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.10% | .85% |
| 1 | Based on estimated amounts for the current fiscal year. |
| 2 | Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.10% and .85% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 112 | $ | 371 | |||
| Investor Shares | $ | 87 | $ | 293 | |||
Lazard Retirement International Equity Value Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .80% | .80% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .20% | .20% | ||
| Total Annual Portfolio Operating Expenses | 1.25% | 1.00% | ||
| Fee Waiver and/or Expense Reimbursement2 | .05% | .05% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.20% | .95% |
| 1 | Based on estimated amounts for the current fiscal year. |
| 2 | Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.20% and .95% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 122 | $ | 381 | |||
| Investor Shares | $ | 97 | $ | 303 | |||
Lazard Retirement International Strategic Equity Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc., but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .75% | .75% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .16% | .16% | ||
| Total Annual Portfolio Operating Expenses | 1.16% | .91% |
| 1 | Based on estimated amounts for the current fiscal year. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 118 | $ | 368 | |||
| Investor Shares | $ | 93 | $ | 290 | |||
Lazard Retirement International Small Cap Equity Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc., but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .75% | .75% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .17% | .17% | ||
| Total Annual Portfolio Operating Expenses | 1.17% | .92% |
| 1 | Based on estimated amounts for the current fiscal year. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 119 | $ | 372 | |||
| Investor Shares | $ | 94 | $ | 293 | |||
Lazard Retirement Managed Equity Volatility Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .60% | .60% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .17% | .17% | ||
| Total Annual Portfolio Operating Expenses | 1.02% | .77% | ||
| Fee Waiver and/or Expense Reimbursement2 | .02% | .02% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.00% | .75% |
| 1 | Based on estimated amounts for the current fiscal year. |
| 2 | Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.00% and .75% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 102 | $ | 323 | |||
| Investor Shares | $ | 77 | $ | 244 | |||
Lazard Retirement Global Strategic Equity Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc., but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .75% | .75% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .16% | .16% | ||
| Total Annual Portfolio Operating Expenses | 1.16% | .91% |
| 1 | Based on estimated amounts for the current fiscal year. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 118 | $ | 368 | |||
| Investor Shares | $ | 93 | $ | 290 | |||
Lazard Retirement Equity Franchise Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc., but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .80% | .80% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .14% | .14% | ||
| Acquired Fund Fees and Expenses1 | .01% | .01% | ||
| Total Annual Portfolio Operating Expenses2 | 1.20% | .95% |
| 1 | Based on estimated amounts for the current fiscal year. |
| 2 | Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses are 1.19% and .94% of the Portfolio’s Service and Investor Shares, respectively. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 122 | $ | 381 | |||
| Investor Shares | $ | 97 | $ | 303 | |||
Lazard Retirement Emerging Markets Equity Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc., but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | 1.00% | 1.00% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses | .18% | .18% | ||
| Total Annual Portfolio Operating Expenses | 1.43% | 1.18% |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 year | 3 years | 5 years | 10 years | ||||||||||||
| Service Shares | $ | 146 | $ | 452 | $ | 782 | $ | 1,713 | |||||||
| Investor Shares | $ | 120 | $ | 375 | $ | 649 | $ | 1,432 | |||||||
Lazard Retirement Emerging Markets Equity Advantage Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc.(the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service | Investor | |||
| Shares | Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees1 | .75% | .75% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses2 | .18% | .18% | ||
| Total Annual Portfolio Operating Expenses | 1.18% | .93% | ||
| Fee Waiver and/or Expense Reimbursement3 | .03% | .03% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.15% | .90% |
| 1 | Restated to reflect current management fee. |
| 2 | Based on estimated amounts for the current fiscal year. |
| 3 | Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.15% and .90% of the average daily net assets of the Portfolio's Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds," fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 117 | $ | 372 | |||
| Investor Shares | $ | 92 | $ | 293 | |||
Lazard Retirement Developing Markets Equity Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | 1.00% | 1.00% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .18% | .18% | ||
| Total Annual Portfolio Operating Expenses | 1.43% | 1.18% | ||
| Fee Waiver and/or Expense Reimbursement2 | .03% | .03% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.40% | 1.15% |
| 1 | Based on estimated amounts for the current fiscal year. |
| 2 | Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.40% and 1.15% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 143 | $ | 449 | |||
| Investor Shares | $ | 117 | $ | 372 | |||
Lazard Retirement Emerging Markets Strategic Equity Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc., but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | 1.00% | 1.00% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .18% | .18% | ||
| Total Annual Portfolio Operating Expenses2 | 1.43% | 1.18% |
| 1 | Based on estimated amounts for the current fiscal year. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 146 | $ | 452 | |||
| Investor Shares | $ | 120 | $ | 375 | |||
Lazard Retirement Global Listed Infrastructure Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc., but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .90% | .90% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | .15% | .15% | ||
| Acquired Fund Fees and Expenses1 | .02% | .02% | ||
| Total Annual Portfolio Operating Expenses2 | 1.32% | 1.07% |
| 1 | Based on estimated amounts for the current fiscal year. |
| 2 | Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses are 1.30% and 1.05% of the Portfolio’s Service Shares and Investors Shares, respectively. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 134 | $ | 418 | |||
| Investor Shares | $ | 109 | $ | 340 | |||
Lazard Retirement Real Assets Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc., but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees1 | .65% | .65% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses (including expenses of the Portfolio’s subsidiary)2 | .20% | .20% | ||
| Acquired Fund Fees and Expenses2 | .04% | .04% | ||
| Total Annual Portfolio Operating Expenses | 1.14% | .89% | ||
| Fee Waiver and/or Expense Reimbursement3 | .05% | .05% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement4 | 1.09% | .84% |
| 1 | Restated to reflect current management fee. |
| 2 | Based on estimated amounts for the current fiscal year. Other Expenses and Total Annual Portfolio Operating Expenses include the estimated expenses of the Portfolio’s subsidiary, which will vary based on the amount of the Portfolio’s investment in the subsidiary. The expenses of the subsidiary included in Other Expenses reflect the Portfolio’s anticipated average allocation to the subsidiary. |
| 3 | Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.05% and .80% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
| 4 | Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.05% and .80% of the Portfolio’s Service Shares and Investors Shares, respectively. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 111 | $ | 357 | |||
| Investor Shares | $ | 86 | $ | 279 | |||
Lazard Retirement Enhanced Opportunities Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .95% | .95% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | ||||
| Dividend Expenses on Securities Sold Short2 | .12% | .12% | ||
| Borrowing Expenses on Securities Sold Short3 | .35% | .35% | ||
| Remainder of Other Expenses | .83% | .83% | ||
| Total Other Expenses | 1.30% | 1.30% | ||
| Acquired Fund Fees and Expenses1 | .02% | .02% | ||
| Total Annual Portfolio Operating Expenses | 2.52% | 2.27% | ||
| Fee Waiver and/or Expense Reimbursement4 | .53% | .53% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement5 | 1.99% | 1.74% |
| 1 | Based on estimated amounts for the current fiscal year. |
| 2 | When there is a cash dividend declared on a security the Portfolio has borrowed to sell short, the Portfolio pays the lender an amount equal to the dividend and this payment is recorded as an expense. |
| 3 | Net borrowing expenses on securities sold short, in which the Portfolio may receive income or be charged a fee on the borrowed securities. |
| 4 | Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.50% and 1.25% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
| 5 | Excluding Dividend and Borrowing Expenses on Securities Sold Short and Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.50% and 1.25% of the Portfolio’s Service and Investor Shares, respectively. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 202 | $ | 734 | |||
| Investor Shares | $ | 177 | $ | 659 | |||
Lazard Retirement Opportunistic Strategies Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | 1.00% | 1.00% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses1 | ||||
| Dividend Expenses on Securities Sold Short2 | .04% | .04% | ||
| Borrowing Expenses on Securities Sold Short3 | .02% | .02% | ||
| Remainder of Other Expenses | .07% | .07% | ||
| Total Other Expenses | .13% | .13% | ||
| Acquired Fund Fees and Expenses (Underlying Funds)1 | .15% | .15% | ||
| Total Annual Portfolio Operating Expenses | 1.53% | 1.28% | ||
| Fee Waiver and/or Expense Reimbursement4 | .05% | .05% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement5 | 1.48% | 1.23% |
| 1 | Based on estimated amounts for the current fiscal year. |
| 2 | When there is a cash dividend declared on a security the Portfolio has borrowed to sell short, the Portfolio pays the lender an amount equal to the dividend and this payment is recorded as an expense. |
| 3 | Net borrowing expenses on securities sold short, in which the Portfolio may receive income or be charged a fee on the borrowed securities. |
| 4 | Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.27% and 1.02% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
| 5 | Excluding Dividend and Borrowing Expenses on Securities Sold Short and Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.27% for Service Shares and 1.02% for Investor Shares. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | ||||||
| Service Shares | $ | 151 | $ | 478 | |||
| Investor Shares | $ | 125 | $ | 401 | |||
Lazard Retirement Global Dynamic Multi-Asset Portfolio
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed by the separate accounts of certain insurance companies (the “Participating Insurance Companies”) under variable annuity contracts or variable life insurance policies (the “Policies” and each, a “Policy”). If such fees and charges were reflected, the figures in the table would be higher.
| Service Shares | Investor Shares | |||
| Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Management Fees | .80% | .80% | ||
| Distribution and Service (12b-1) Fees | .25% | None | ||
| Other Expenses | .17% | 3.34% | ||
| Acquired Fund Fees and Expenses | .03% | .03% | ||
| Total Annual Portfolio Operating Expenses | 1.25% | 4.17% | ||
| Fee Waiver and/or Expense Reimbursement1 | .17% | 3.24% | ||
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement2 | 1.08% | .93% |
| 1 | Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022 for Service Shares and until April 30, 2031 for Investor Shares, to the extent Total Annual Portfolio Operating Expenses exceed 1.05% and .90% of the average daily net assets of the Portfolio’s Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. |
| 2 | Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.05% and .90% of the Portfolio’s Service and Investor Shares, respectively. |
Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement described above. The Example does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected, the figures in the Example would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 year | 3 years | 5 years | 10 years | ||||||||||||
| Service Shares | $ | 110 | $ | 380 | $ | 670 | $ | 1,496 | |||||||
| Investor Shares | $ | 95 | $ | 970 | $ | 1,860 | $ | 4,150 | |||||||