Jump to content
supersonic3434

403b help for Washington State

Recommended Posts

I am looking for guidance for 403b plans for Washington state.  The current list of providers is listed below.  Also, does anyone know if Washington allows for 457 accounts OR is that a district by district situation?  

I appreciate any insights that you have!!  Thanks 🙂

 

  • 403(b)

    • American Fidelity Assurance Co.
      (800) 654-8489
    • Ameriprise Financial
      (800) 862-7919
    • AXA Equitable Life Insurance Company
      (800) 628-6673
    • Lincoln Investment Planning, LLC
      (800) 242-1421
    • Oppenheimer Funds
      (888) 470-0862
    • ReliaStar Life - Subsidiary of VOYA Financial
      (877) 882-5050
    • Security Benefit Group
      (800) 888-2461
  • Roth 403(b)

    • AXA Equitable Life Insurance Company
      (800) 628-6673
    • Lincoln Investment Planning, LLC
      (800) 242-1421
    • Oppenheimer Funds
      (888) 470-0862
    • ReliaStar Life - Subsidiary of VOYA Financial
      (877) 882-5050
    • Security Benefit Group
      (800) 888-2461
 

 

Share this post


Link to post
Share on other sites

I'll let somebody else comment on the possibility of a state run 457b (that should be google-able though). Are you sure you don't have any "regular" 457b vendors available?

You have access to an elite plan in Security Benefit's NEA DirectInvest. I'm enrolled in that plan and I love it. The only superior plans I've seen come from Fidelity and Vanguard and the margin of superiority is very small, so small that I didn't bother to switch when I got Fidelity and Vanguard added to our district.

  • I documented the DirectInvest plan here.
  • Security Benefit's reps are some combination of uninformed and deceitful. They may try to push you into a more expensive option, don't fall for it. You can read about the trouble we went through to enroll here.
  • I documented the exact steps and paperwork I went through to enroll here. Some of it is specific to our district, OCPS (FL), but the rest should be helpful to you.

 

Share this post


Link to post
Share on other sites

There’s little doubt that the NEA Direct Invest with Security Benefit is one the lowest cost 403b plan available to K-12 employees (especially if your balance is over 50k). You can contribute and defer income tax on up to 18.5k/yr of income. In addition, if you haven’t been contributing to an IRA at a low-cost provider such as Vanguard or Fidelity, you can do that up to 5.5k/yr.

If you have further ability to save for retirement, you can use the WA State 457 plan. It’s called a Deferred Compensation Plan and is run by the organization that runs WA teachers’ pension funds. I’m a WA long-retired teacher. So in addition to a 403b and an IRA, you can contribute up to 18.5k to an excellent 457 plan.

Plan booklet: https://www.drs.wa.gov/dcp/assets/DCP-Enrollment-Booklet.pdf

Fund description, performance and fees:  

https://www.drs.wa.gov/dcp/investments.htm

 The annual administration fee is 0.1283%, let's call it 0.13%. That is added to each fund's expense ratio to give the total cost of the selected fund. 

 

 

Share this post


Link to post
Share on other sites
3 hours ago, supersonic3434 said:

 Also, does anyone know if Washington allows for 457 accounts OR is that a district by district situation?  

 

 

  •  

Yes, like the 403b plans, the 457 vendor list is up to each district. Normally there is a list, but I've noticed that some WA districts have only the WA State 457 plan, run by the state pension and pay system. You should be able to find the 457 vendor(s) at your district's Third Party Administrator (TPA) website. 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×