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457 Plan - Which Vendor/company?

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#1 dankupper

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Posted 12 April 2017 - 09:08 PM

Hi All -


I recently started a 457 plan with Voya. I am a public school teacher in Connecticut. The only two options that my district offers for 457 plans are Voya and Security Benefit.


Is it good to stay with Voya? They seemed to have good investment options, and I don't know much about Security Benefit.


Thank you!




#2 krow36

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Posted 18 April 2017 - 09:57 PM

Hi Dan,

Sorry you haven't had any responses to this thread yet--I just noticed it. Whether Voya or Security Benefit have a 457 plan that we would recommend depends on the fees. Both companies are insurance companies and they mostly sell expensive annuity based 403b plans. Their mutual fund based 403b plans are also very expensive with the exception of the Security Benefit NEA Direct Invest plan. There is no similar low-cost 457 plan that I know of, unfortunately. Does the Voya 457 offer a Fixed Account and if so, what is the guaranteed rate and what is the current rate for this year? 


In your other thread on your MetLife accounts, you were considering setting up a 403b account with Aspire. Have you done that and if so are you contributing to it? I would follow through with that, and until you max that out at 18k per year, I would not contribute to a 457 plan at either Voya or Security Benefit. 


Have you decided on what to do with the MetLife accounts? Please discuss them on your other thread if you have further questions.

#3 dankupper

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Posted 19 April 2017 - 10:20 AM

Thank you, krow36. Did you see my reply to your response on the 403b thread? I am going to transition to Aspire and max that out at 18k per year. I am also maxing out my Voya 457 plan as well. I want to contribute to/max out a 457 plan as well, but don't have many options besides Voya or Security Benefit.