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lola124

403B Options--Planmember Services?

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Here's my list of 403b options..

 

MetLife

Oppenheimer

Voya

The Legend Group

PlanMember Services

Security Group

 

I'm with AXA and I want out. My fees are 2.2% and 30.00 admin. Any knowledge of the others? I know they're all pretty bad from doing my research on here. I'm thinking the best bet is PlanMember Services because I can invest with Fidelity and Vanguard and oversee my own accounts. Thoughts? Thanks!!!

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Hi Lola

 

I think you answered your own question. Plan member services does allow you to tap into Vanguard and Fidelity as well as many other mutual fund companies. You'll want to go the index fund route in order to get your best deal. It does offer a do it yourself direct path which is what you will want unless you really feel unsure of your ability to pick your own funds. I would strongly suggest a Vanguard Target Retirement fund based on your projected retirement date if you feel unsure of yourself. Fidelity index funds might be lower than Vanguards by a hair if you prefer to pick your own allocation within a 403b. My only concern is I could not find a list of fund choices and a fee schedule anywhere on their website. On 403Bfund compare website, the direct option average fee given is .49 which isn't too bad but not great.

 

Hopefully Krow our resident expert on fund fees or others familiar with your choices will chime in. I hope I have given you a starting point.

 

Tony

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If "Security Group" is the same thing as "Security Benefit Group" then they have a fantastic option called NEA DirectInvest. At least in Orange County, Fl you can build a fully diversified portfolio called the "3 Fund Portfolio" for rock bottom costs. I write about this option and the fees on my web site https://educatorsfightingforfairness.wordpress.com/best-ocps-403b.

 

Plan Member Services has something called the "Direct Program". At least in Orange County, Fl you can build a fully diversified portfolio called he "3 Fund Portfolio" for rock bottom costs. Unfortunately, they add on a 0.35% fee. I consider this to be "expensive" but still FAR better than these other options that charge 2% or more! I write about this option and the fees on my web site https://educatorsfightingforfairness.wordpress.com/best-ocps-457b.

 

I believe every other option you listed is no good. I have a particular dislike of AXA, which I wrote about here. I'm sorry you got caught up with them but I'm happy you're about to break free!

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Thank you for your replies! It seems I made an error (sadly).

 

Here are my options:

 

GWN/Employee Deposit Acct

Lincoln Investment Planning

The Legend Group/ADSERV

MetLife

Voya

 

Now what!?

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Without having dived into the details, it looks like you're stuck with nothing but high cost options. Perhaps a more knowledgeable person will come along and quickly give you a definitive answer but...

 

If I were you I'd gather data on every vendor, that means every fee and the name of every available fund. Their websites probably will hide this information. You'll probably have to do most of this over the phone. It'll probably take forever and be very frustrating.

 

Then you can decide if the fees are so bad that you're better off investing in a taxable account instead (you're almost certainly better off maxing an IRA first).

 

...if you're so inclined you can lobby for reform as I am doing (it is an incredibly long road though).

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First you write:

Here's my list of 403b options..

MetLife

Oppenheimer

Voya

The Legend Group

PlanMember Services

Security Group

Then you write:

Here are my options:

GWN/Employee Deposit Acct

Lincoln Investment Planning

The Legend Group/ADSERV

MetLife

Voya

I’m a bit confused. Are the 2 lists the complete list? I second EdLaFave—Security Benefit’s Direct Invest is your lowest cost option, assuming that “Security Group” is actually Security Benefit Group. Ed just signed up with SB’s Direct Invest so he’s a great source of information how to go about it.

What state are you in?

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Lola

 

Have you gone to your school website under benefits to see what your vendor options are?

 

 

You might take a look at Lincoln Investing planning. I think Dave Grant said a while back that it had decent options.So many companies with duplicate names its hard to figure out whats what at times. Lincoln Investing Planning is different from Lincoln Financial Group . Security Benefit and Security Group may or may not be the same company. I can tell you straight up to avoid GWN and Met Life. The others on the new list I am not familiar with. Seems like your list as presented leaves a lot to be desired.

 

Lola maybe its time to start asking for better choices

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Second list is correct. To be honest, I have no idea how I made that error! I'm in NY.

 

I have been trying to get Aspire added for a year now. It is such a long and ridiculous journey to get new platforms added.

 

The duplicate names are definitely confusing. I will look into Lincoln.

 

Thanks.

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Lincoln Investment Planning does have a very low-cost 403b/457 plan. It seems to be available in NJ and a few areas in other states. It’s not clear how Lincoln decides to allow its use. It’s called their Participant Directed Platform. It allows the use of Vanguard Admiral class mutual funds with an additional fee of $60/year. In order to use the PDP, you need to call a regional office of Lincoln Investment and have them email you the ability download the application form. One Boglehead poster from NY was able to get permission to use the PDP so it’s possible it may be available to you.

https://www.bogleheads.org/forum/viewtopic.php?f=1&t=175295

Please keep working to get Aspire added to your 403b provider list. In addition, teachers in NY state can use the NY state Deferred Compensation Plan which is a 457. If you give the NY state DCP a call, they can tell you how to go about getting the plan added. The plan is very low-cost and internet-based.

DCP: guide to the plan https://www.nysdcp.c...Options.pdf?r=1

guide to investinghttps://www.nysdcp.com/tcm/nysdcp/static/Brochure_NYSDCP_Education_Kit.pdf?r=1

plan partners & fees https://www.nysdcp.com/tcm/nysdcp/static/fee_transparency.pdf?r=1

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Dan Otter,

When I try to send a PM to Iola124, it won't go and there's a msg "You must enter their name in the appropriate field fully."

What's going on?

krow36

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