I've been approached by a school district to do a review of their 403(b) options and provide outside counsel on who their vendors should be and why.
My concern - and valid based on this forum - is I'm going to scratch out all insurance company vendors, including AXA. In my work with educators, over 50% of 403(b)s held are with AXA.
I have some questions:
- For teachers on this forum, if your district came out and said that your 403(b) vendor was no longer on the list, even though it was the most popular among your peers, what would you ask from them in terms of an explanation?
- If I were to suggest AXA gets removed and people had to switch, it may incur surrender charges to many people if they decided to transfer their whole account rather than stop contributing and go somewhere else. If you were in this district, how would like this to be explained?
- (I already know the answer to this, but do want feedback) Should I suggest to leave AXA on the list due to how frequently it is used?