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sschullo

LAUSD financial literacy workshop report

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Hi

Over 50 LAUSD employees came and they were very thankful. About a dozen stayed until 1:30 because they had questions. One of the confusing points was that people were thinking that the target date funds specific year was the year they were supposed to take the money out! Yeah, they were confusing it with the IRS 59.5 for the 403b and 70.5 for RMDs. There is so much confusion!!

They need more support because as you know when they left the workshop, there is no follow up until we have another workshop next fall. Half a day is too short for all of the good speakers and information we presented. We are talking about going back for an entire day. 

That’s where VOYA could help, by offering a Saturday workshop before the end of the year to follow up. Our people need help. None of the previous TPAs have organized a workshop. But if LAUSD says no, the committee should know about this so we can work out the resistance so everybody benefits.

At the rap up, I reminded the participants that 403b vendors are not allowed on campus. Only VOYA is allowed and so we had the two VOYA reps Germaine and Violeta introduce themselves and talk about what they would do. The participants had their business cards and the VOYA information sheet. This is after Barbara talked at length about the choices of the 457b plan.

The Securities and Exchange Commission attorney talked about the usual stuff with high-cost annuity plans which are way too often sold to teachers. Both the L.A. SEC and the SF offices have been providing informational 403(b) workshops to California teachers since they read the horror stories in the NY Times in the fall 2016 five-article series. They actually care and want to help with financial education. Finally, somebody else besides the same few of us wants to help save our teachers from the annuity hucksters. 

If you want financial literacy speakers to come to your school or district office, contact them here: 

Los Angeles Regional Office 444 South Flower Street, Suite 900. Los Angeles, CA 90071 323-965-3998 ... 351 S. West Temple St.,

San Francisco Regional Office 44 Montgomery Street, Suite 2800. San Francisco, CA 94104 415-705-2500. 

They are very knowledgeable! 

Have a great week,

Steve

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17 hours ago, sschullo said:

 

The Securities and Exchange Commission attorney talked about the usual stuff with high-cost annuity plans which are way too often sold to teachers. Both the L.A. SEC and the SF offices have been providing informational 403(b) workshops to California teachers since they read the horror stories in the NY Times in the fall 2016 five-article series. They actually care and want to help with financial education. Finally, somebody else besides the same few of us wants to help save our teachers from the annuity hucksters. 

If you want financial literacy speakers to come to your school or district office, contact them here: 

Los Angeles Regional Office 444 South Flower Street, Suite 900. Los Angeles, CA 90071 323-965-3998 ... 351 S. West Temple St.,

San Francisco Regional Office 44 Montgomery Street, Suite 2800. San Francisco, CA 94104 415-705-2500. 

They are very knowledgeable! 

 

Steve, that fantastic that the SEC is helping in the battle against 403b annuities! The NY Times articles have made a difference. 

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Thanks, Steve. You, Sandy and the other organizers should be very proud. What a great event!! 

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