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About arich

  • Birthday 12/29/1971

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    New York

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  1. arich

    Retire Early

    Hey Dan. Thank for the reply. Search you email for my name. We’ve spoken before. My big concern is having a lapse in employment at my district and the district not honoring the retiree benefit. It’s at least a $15K annual benefit. I really had everything planned to go out at 52. Who knows. Maybe when I reach that age I won’t want to retire but it’ll be nice to know you can. You know FU money. Who am i quoting.
  2. arich

    Retire Early

    My wife and are started teaching in NY when we were 22. She’s now a director of technology in the teacher’s union and I’m a technology teacher. We work extremely hard with a second business and save 50-60% of our income. This is our 24th year of teaching and we’d like to retire after 30 years at 52 1/2 years old. We know we won’t be able to access our NYS pension until our 55th birthdays 2 1/2 years later but we’ve been planning for this. The kids both finish college when we’re 52. Their college expenses are both fully funded now and we continue to contribute to it for grad school should they pursue careers that require it Retirement to us means leaving teaching and “working” remotely on our business to continue pulling in an income. The problem we’re facing is our districts will not not honor their health care contributions after “retirement” (60-70%) because as they say we’re not eligible for retirement. There is nothing in either of our contracts about the age of “retirement” or what constitutes retirement or the number of years you have to work for benefits. I have not asked if we can go on Cobra for 2.5 years and then our benefits kick in or if they would consider this a resignation and we’d be walking away from our healthcare benefit. Wondering if anyone has experience with this or any ideas how we might achieve our “early retirement.” **** We both max out our 403s, 457s, backdoor Roths, 529 plans, fund a Defined Benefit plan through the business and contribute the rest to a taxable account.
  3. arich

    Help A Friend In Arizona

    I totally agree. I gave her a list of questions to ask payroll today. It looks like Voya runs the show there.
  4. arich

    Help A Friend In Arizona

    I'm helping a young friend out who just graduated and got a job in Temple Arizona. She works for me during the summers in NY and I've been educating her on retirement investments. She called me last night from a presentation with Voya at her school district. It appears that this is here only option. I found a few links: http://www.tempeschools.org/home/showdocument?id=13640 http://www.tempeschools.org/our-district/departments/finance/tax-deferred-annuities-retirement-savings-plans http://www.tempeschools.org/home/showdocument?id=81 This is what I am finding, and she says she can gain access to Vanguard Index Funds. Contract charges • No annual maintenance fee • An annual asset based service fee of 0.30% will be assessed on all investment options, including Voya Fixed Plus Account III • Fund management fees and fund operating expenses will apply. Fees depend on the investment option chosen. Please refer to the individual Fund prospectuses for fund fee information. • No contract withdrawal charge – this allows full portability at separation from service or retirement (withdrawals from the 403(b) plan prior to age 59½ will be subject to an IRS 10% premature distribution penalty tax). This IRS premature distribution penalty tax does not apply to 457 plans. Thoughts???
  5. arich

    What To Do About Vangurd?

    I looked at my Vanguard account and the amount being deposited is the exact same amount being deducted from my paycheck. I do not see the $3 being removed anywhere. Anthony
  6. Obviously but your sister does have Security Benefit Direct Invest. I contacted them yesterday for my SIL. Krow36 had posted that suggestion. Thanks for your help and suggestions
  7. 457 are not available in all districts, districts must elect to offer it as OMNI charges the district a fee to administer it. Omni is NOT helping the situation here
  8. arich

    Omni- Can You Agree To Pay The Fees

    Thanks, I'll check it out with the SIL. BTW Omni still has not answered my e-mail.
  9. Omni's P3 program is made up of only providers that have agreed to pay the TPA fees (Third Party Administrators). Vanguard and Fidelity have refused to do that so they are excluded from participating in the P3 program. Omni pitches this program to districts as a way for them to save money so they (the district) don't have to pay the TPA fees. As part of the vendors had top agree to this, "6. Are you willing to pay for a plan sponsor’s TPA fees? If so, do you prefer to be billed 1. monthly or quarterly? 2. for each contributing participant or for each contribution transaction?" Vanguard and Fidelity never has a chance of being part of this "select group" Advisory Committee made up of School Business Officials hire National Consultant to Develop Request for Information (RFI). Committee identifies over 80 criteria to evaluate Service Providers on. RFI Application sent to over 200 Service Providers. Advisory Committee evaluates and scores responses from Service Providers. Most major Service Providers meet or exceed criteria in RFI. Service Providers awarded P3 status enter into an agreement with Omni to pay for Plan Administration expenses associated with their active accounts in Districts. Approximately 90% of all major Providers participate in P3.
  10. That’s an incredible list of articles. I’ll be linking to that. Thanks. I’ve been in my district for 24 years. We’ve always had these choices but we’re just one of 4 districts that has these choices in our area. It seems the more financially strapped the district is the more willing they are to take the Omni P3 bait and limit the employees choices to save a few bucks.
  11. arich

    Omni- Can You Agree To Pay The Fees

    Unfortunately no. This is what she has available. Axa Confidential Planning Forester Lincoln financial MetLife Mutual inc NY Life Oppenheimer Riversource Security Benefit The legend Group Voya The works at the Valhalla School District in NY
  12. arich

    What To Do About Vangurd?

    Were you grandfathered to Vanguard when the district made those other choices available? Were you even told/warned about the fees??
  13. arich

    What To Do About Vangurd?

    OMNI charges me $3/month to use Vanguard, and Vanguard charges me $15/year to invest in a Target Date Fund. I decided $51/year in fees (on top of expense ratios) was worth it for the privilege of having access to Vanguard, since most of the offerings from my district are not as good. I imagine the OMNI fees won't be going away, so the partnership with Newport looks like it will raise my fees from $51/year to $96/year. PLEASE tell me more about this. I just posted a question about it. how did you get Omni to do this??????
  14. OMNI, the third party administrator, offers districts their P3 program which is loaded usually with terrible choices that are the usual high fee options. P3 is a "Preferred Provider Network." Preferred by OMNI but no one else. My sister in law works in such a district and best of the work is Oppenheimer, or Lincoln Investments. Does anyone know if Omni will allow you to pay your own fees if you want to use a company that is not on your districts lists like Vanguard or Fidelity? It would seem that Omni has built this P3 network based on companies that are willing to cover the administration costs associated with running the 403 so if an individual is willing to cover those himself/herself why would it not be made available. Long story short both Fidelity and "Fidelity Advisors" were on her district's list when she started. She met the "nice financial adviser" and he started her an account. At the time I was with Fidelity and she told me she was too (but she wasn't). In comes Omni P3. They grandfather all the employees using Fidelity and Vanguard BUT she's not using Fidelity she's using Fidelity Advisors and her contributions cease. Omni and the district won't allow her to roll over into Regular Fidelity since they are now NOT on the Omni P3 list and becasue she's never contributed in the past she's not grandfathered. It's been a mess. She has no 457 available. BTW, I have called OMNI and no one ever gets back to me with the answer to this.
  15. Yes, where has it gotten us. I don't see anything happening to bring better choices to unfortunate districts. My wife and I in a great districts with Vanguard, and Fidelity for my 403b and we also have access to a 457 plan. My wife and I max out everything!