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Securities and Exchange Commission chimes in on the 403(b)!

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California teachers, administrators, union leaders and us regular teachers and retired teachers. The SEC will convene a summit, a first time ever meeting, for all 403b and 457b stakeholders. Because of the NY Times 403b series of articles showing the horror stories of teachers and their 403b plans, the California offices of the SEC want to educate our educators so that they have some protection against the 403b sharks. It's from 9:00 to 12:30. The flyer offers information and the agenda. 

I am going to be there and I believe others from this board will be there too. 

SEC Summit in Sacramento 2018.png

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It's not enough if only advocates attend this meeting. If you are a public school district benefits administrator or a teacher's union elected officer please ask your boss to attend this meeting. This meeting will help you be a better understand the seriousness of current law that guides the of 457b and 403b plans. 

At LAUSD our skilled administrators skirted the insurance code to offer a best in class, low cost, nonannuity plan, an Award Winning 457(b). Mutual funds are not ruled by the insurance code because mutual funds are not insurance products. But this is only a tiny part of what is offered at this rare meeing. 

For additional information, here is a website devoted to this summit: https://www.sec.gov/page/sfro-teachers-outreach-event  

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California Teachers:

I talked to one of the coordinators of this event. They are inviting board members, benefits administration personnel, anyone with decision making power. And of course, they want anybody with an interest. I am going just to find out who else is interested. Our advocacy is tiny, and we need to grow. 

If any of you know your benefits administration personnel, superintendent or any board members of your school district, let them know about this rare event. Give them a copy of the flyer. Who knows? They might attend. Some districts are so small, some teachers may know these people by first name! 

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