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About MoeMoney

  • Birthday April 13

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    New York
  • Interests
    Cycling, learning, teaching

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  1. choosing a 403b plan

    Gina, Send the form over now so you don't forget. Just include a note that it's in the works now. That could even be part of the 'approval' process. Congratulations- you should be very proud, I agree!
  2. 403(b) Choices

    Kevin, Welcome to the forums. While the sentiments here are strongly expressed, understand that neither you nor your wife had little to no opportunity for success without doing the research that you are now exposed to here. The current 403b system in NY is stacked against participants. You have probably figured that out by now but by no means should your wife feel like she should have or could have made a better decision up until now. There are unfortunately thousands more who will not get the memo, or understand it when it comes in front of them. Good luck.
  3. NJ Teacher Fights for 403(b) Fee Disclosure

    He made it sound so easy that I'm going to reach out to our assembly person and press on.
  4. choosing a 403b plan

    I see two choices for you, based solely on how you sound. Continue with Aspire, Within Aspire you can a) self-direct and choose Vanguard stock and bond index funds (those are asset allocations) that total 100% of your dollar contribution amount. Or, b) choose an advisor that is on Aspire's list, for simplicity sake. They will help choose an asset allocation with you (though that is what this forum is doing too). The very last thing we'd want you to do (though I am not speaking for anybody) is to get too frustrated and walk away doing nothing or worse yet, continuing with the high-cost vendors and funds. Message me if you want to chat further.
  5. choosing a 403b plan

    Gina, We hope you do not feel overwhelmed but you are making the right choices! I am a female teacher from NY with OMNI and crappy choices too. I, like you, and countless others here took the bull by the horns. Once you find this forum, you can't help but make the right decision. Acting on them is a different matter. Congrats to you for following through. There are lots of hurdles to overcome, not the least is one's initial fear and confusion.
  6. 403b Investment Advice

    Good point, Ed. Fidelity and Vanguard are not getting back on the approved vendor list where I am in New York so I jumped straight into suggesting Aspire. That could be a solution for Purple Reign if he's in a state that allows them. Security Benefit could open a can of worms for many NOT in the know but they are great for the self-direct.
  7. 403b Investment Advice

    I think you might be right. My Aspire advisor added a low .15% on top of the Aspire's rate, which is a very low add-on to charge, one that can be avoided by self-directing. What I meant by either way was no matter how the contributions go in - either Roth or pre-tax - the costs to contribute are the same.
  8. choosing a 403b plan

    You are right about the Target fund choice being lower cost. The only reason I thought Aspire for Gina was because she stated she did not want to self-direct. If she wanted an advisor, Aspire would likely be her best bet. Then, once she is with an Aspire-approved advisor, they would "graciously' glance at her 457 options and help her choose as a courtesy. Finding this group is the best thing Gina could have done. And seeking guidance and taking action too. I strongly encourage Gina to go and share this with all her colleagues. You are all so generous and helpful with your time and wisdom. Thank you!!!
  9. 403b Investment Advice

    Purple Reign, If you want to invest more beyond your 457 max, I would recommend asking your district, and your TPA if you have one, to add Aspire to your lineup of approved vendors. You can self direct or use an Aspire-approved advisor. Either way, they charge $40/year and 0.15 basis points. Since you are not in a high tax bracket, I would consider forgoing the tax savings and opting instead to invest in a Roth 457 or Roth 403b. Maybe even half pretax the rest Roth.
  10. choosing a 403b plan

    Gina, Don't forget to ask your district about the 457, like mentioned previously on this thread. There is a very good chance you have that as an option but you wouldn't know because there are no sales reps. And your district will not mention it other than saying it's an option. Once. They don't want to be '"accused" of steering you. It is also self-directed but very likely the least expensive option versus any 403b vendor, even Aspire. If they tell you no, it's not available, ask them to find out how to add it. Tell them it's a better option and you want it. I know you said you are not comfortable managing yourself. You have received excellent guidance here to manage yourself. It may seem like something you couldn't do because a) it's your money and b) sales reps make it sound confusing to you, intentionally. That being said, if you are adamant about not managing yourself, use the search for an Aspire local advisor on Aspire's website. There are a couple in your area, one who I have used for my 403b. He will also graciously advise you on choosing the best 457 funds too. You can transfer your 'old' 403b to the Aspire platform to sit and grow, and then direct future contributions to the 457 if you have it. That is how I handled it but I also had to fight to bring Aspire to our platform. Always remember, if you don't ask, the answer is always NO!
  11. 403b Vendors Recommandation

    Michael, I second the 457 option. It appears to be the lowest potential option you have, given your list. Next, I would contact Aspire and your Third Party Admin (TPA) if you have one. Find out how you or they would go about adding them to your platform. For an annual fee of $40 (I think that's what it is, as of this moment) and an additional low basis add-on, you would be able to buy Vanguard at their low ER. Good luck. It would be helpful to post your findings!
  12. School District Third Party Fees?

    Teacher88, did you get to speak to someone at OMNI about this? I've yet to see any district get them back after losing them over the fees.
  13. School District Third Party Fees?

    Great thread. I'm pleased Teacher88 is using the ability to directly invest in Vanguard as a negotiating item. I tried to get our union on board with that very point and since I was the only one with that 'issue' it didn't get much attention. But we did get Aspire. Edietel, I certainly would like to know how to go about getting Vanguard added back. What is the wording to use? My district simply refers such requests to OMNI and washed their hands of the topic. OMNI, of course, simply says they're not on the approved list. End of story. Neither will entertain the request, as if they cannot. Short of using it as a negotiating tool, what else can be done? Working for number of years to get a pension is losing its steam, in my book. A 'penalty' for retiring before 62, and another one before 55 if less than 30 years, and another one for not having 20 years. At 55, I'll have the under 62 and under 30 years penalties. And probably the less than 20 year penalty too. Ever since I caught on to the 403b fiasco, I took control of my investments, spending and future. No longer will I look at it as a penalty but instead as a supplement to my 457 and 403b and Roth IRA savings. No reason why they can't be my primary source of income instead of my pension. I've been purposefully maxing them out in recent eye-opening years for this reason. I am the younger wife, also by 8 years, and my husband just retired. He has a pension and a 457. No way I want to delay our fun and future until I avoid the dangling penalties. And then what?? I pushed the envelope my whole life, I walked out of the ER after getting hit by a car while biking 6 months ago, and we are happy healthy (almost there again, myself) and diversified. The 403b fiasco taught me to invest in rental real estate and between all those buckets plus SS, I'm good with walking out after 16 years. Easy? No. But life is short and we all heard those stories. Sad, but teachers just don't think they have options or control. And new teachers? 40 years of teaching until full retirement? Great, if you want that. But understand that you have options that put you in control.
  14. Remarkable. This only affirms the confusion many teachers feel when it comes to investing in their 403b. They are already more than willing to surrender their future investments to some salesman, and now they have perceived confirmation of their perceived inability.
  15. 403b Health for Teachers PD course

    Here is my outline and objectives, so far. I have assessments and resources too, including personal living resources. Week # 1 - Intro and expectations Objectives - Participants will: Objective 1: meet and use Zoom and Class Management program. Objective 2 self-assess where they fit in on the 403(b) plan continuum, create a learning community. Objective 3 Explore course expectations and objective, policies and resource list. Objective 4 identify the available 403b vendor options at your workplace. Objective 5 Evaluate the NYSUT endorsed 403(b) outline document and definitions Week #2 - Learning and planning Objectives- Participants will: Objective 1 Summarize the difference between an annuity and an index fund Objective 2 explain how to add vendors at the workplace. Objective 3 Rank their personal values and set 3 goals, including a financial goal. Hypothesize how much money you will need when you stop working. Objective 4 identify the requirements of being a sales rep for a 403b vendor, while defining what a fiduciary is. Objective 5 Constuct questions you’d ask a potential sales rep and vendor when choosing which plan to invest with. Week #3- Research Objectives- Participants will: Objective 1 Be able to identify and state the way Fees are incorporated. Determine and compute the effect of fees on investment returns. Objective 2 Compare potential results of savings goals (from 2.3) using three different vendors, encompassing fees. Objective 3 Be able to articulate the 4% rule. Objective 4 Apply the 4% rule when establishing a personal goal for their investment, stated in dollars and including a time frame Objective 5 Build a network of 403b human resources Week #4 - Create Objectives - Participants will: Objective 1 Create a wellness plan for a 403b maximizing the results utilizing components of the course Objective 2 Identify attributes of a healthy 403b account Objective 3 Compare your current 403(b) plan with the healthy plan you identified previously. Objective 4 State the actions steps necessary to implement the healthy plan identified in 4.1 Week #5 - Implement Objectives - Participants will: Objective 1 Implement the action plan to build a healthy 403(b) plan. Objective 2 Hypothesize on why there are regulations in place preventing employer personnel from providing education or guidance on plans such as 403b’s and 457’s. Objective 3 Explain the difference between a 401k and a 403b and be able to define the ERISA ruling. Objective 4 Reflect on what changes would need to happen in their workplace for others to benefit from what they've learned. Week # 6 - Assess Objectives - Participants will: Objective 1 Summarize your findings. Identify the pros and cons of the 403(b) plans. Objective 2 Create a proposal for your school district to positively enhance the way 403(b) plan offerings are implemented. Objective 3 State the current conditions of 403b plans available in the workplace and create a 2 minute video summarizing them.