Participants may directly invest their retirement plan assets in publicly traded securities and mutual funds through Schwab’s Personal Choice Retirement Account® (“PCRA”). With the PCRA, participants can create investment portfolios that uniquely reflect their own retirement planning needs and objectives. This option allows participants to select from various investment possibilities and execute trades through the brokerage services of Schwab. Schwab, a leader in the brokerage industry, offers Program participants:

self directed brokerage
fees icon

$0 commission for online trades of exchange-listed U.S. stock trades1

Ranked Best Overall for the third year in a row in the annual Online Broker Review2

investment icon

Independent, objective third party research and charts from well-known industry analysts3

For more information, see PCRA Pricing Summary.


The PCRA provides participants with greater investment flexibility and the opportunity to take advantage of changing markets. Schwab offers:
  • Over 8,700 domestic, international and global mutual funds including equity and fixed income funds.
  • More than 3,800 mutual funds with no load and no transaction fee4
  • Individual fixed income securities, including U.S. government securities of varying maturities, mortgage-backed securities and corporate bonds.
  • Individual equity securities traded on major U.S. Exchanges, including the New York and American Stock Exchanges, the NASDAQ National Market, and regional exchanges.
  • Access to over 2,000 commission-free ETFs*5

*Trade must be placed online to be commission free.

Click here to learn more about Personal Choice Retirement Accounts®.

Click here for some common questions about a self-directed brokerage account.

Please read the Program Annual Disclosure Document (April 2024) carefully before investing. This Disclosure Document contains important information about the Program and investment options. For email inquiries, contact us at: [email protected].

  1. Trades executed in multiple lots on the same day are charged a single commission. Trades partially executed over multiple trading days are subject to commission charges for each trading day.
  2. Schwab was rated #1 in Investor Satisfaction with Full-Service Brokerage Firms by the J.D. Power 2023 U.S. Full-Service Investor Satisfaction Study, rated #1 Online Broker overall for 2023 in the Investor’s Business Daily Best Online Broker survey, selected in the Forbes America’s Best Large Employers 2023 survey, and rated as one of the FORTUNE top 50 World’s Most Admired Companies for 2023 for sixth consecutive year.
  3. Third-party research and tools are obtained from companies not affiliated with Schwab, and are provided for informational purposes only. While the information is believed to be reliable, Schwab does not guarantee its accuracy, completeness, or suitability for any purpose, and makes no warranties with respect to the results to be obtained from its use. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision. Past performance does not guarantee future results.
  4. The Fund Family will charge fees as detailed in the fund prospectuses. NTF mutual funds are no-load mutual funds for which Schwab does not charge a transaction fee. Schwab receives remuneration from mutual fund companies, including those participating in its no-load, NTF program for recordkeeping, shareholder services, and other administrative and distribution services. The amount of Schwab’s remuneration for these services is based in part on the amount of investments in such funds by our clients. NTF mutual funds and other funds offered through Schwab have other fees and expenses that apply to a continued investment in the fund and are described in the prospectus .
  5. ETFs are subject to risk similar to those of their underlying securities, including, but not limited to, market, investment, sector, or industry risks, and those regarding short-selling and margin account maintenance. Some ETFs may involve international risk, currency risk, commodity risk, leverage risk, credit risk, and interest rate risk. Performance may be affected by risks associated with nondiversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (“REITs”), fixed income, small-capitalization securities, and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Investment returns will fluctuate and are subject to market volatility, so that an investor’s shares, when redeemed or sold, may be worth more or less than their original cost. Unlike mutual funds, shares of ETFs are not individually redeemable directly with the ETF. Shares are bought and sold at market price, which may be higher or lower than the net asset value (“NAV”). Information provided by Schwab is for general educational and informational purposes only and should not be considered a recommendation or investment advice. Schwab receives remuneration from certain ETFs for shareholder, administrative and/or other services.


Short-Term Trading Fee (Holding Period for 30 Days). ETFs available commission-free that participate in the ETF Market Center may be subject to a holding period that commences with any purchase and extends through the following THIRTY (30) calendar days. An account owner must hold all shares of an ETF position purchased for a minimum of THIRTY (30) calendar days without selling to avoid a short–term trading fee where applicable. There is no limit to the number of purchases that can be effected in the holding period. Any order to sell within THIRTY (30) calendar days of last purchase (LIFO – Last In, First Out) will cause an account owner’s account to be assessed a short–term trading fee of $13.90 where applicable. For the purposes of calculation the day of purchase is considered Day 0. Day 1 begins the day after the date of purchase. The short–term trading fee may be applicable to each purchase of each ETF where such ETF is sold during the holding period. The short–term trading fee may be more than applicable standard commissions on purchases and sells of ETFs that are not commission-free.

Charles Schwab & Co., Inc. and ABA Retirement Funds are separate, unaffiliated companies and not responsible for one another’s products and services.

Schwab Personal Choice Retirement Account (“PCRA”) is offered through Charles Schwab & Co., Inc. (Member SIPC), the registered broker/dealer, which also provides other brokerage and custody services to its customers.

Contact Us