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I could not have said it any better!!! Educators will continue to face all the issues discussed at the forum until all the groups you mentioned "step up to the plate" to change the insurance code and eliminate 770.3 .  We will continue to educate as many educators as we can but there are too many that are being ripped off with high fees  and surrender charges. FIGHT ON!!!!

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On 10/8/2018 at 11:09 AM, krow36 said:

I wonder if the SEC's Retirement Investment Summit on Education (RISE) will be held in other states? 

We don't know. All we know is this: The San Francisco and the Los Angeles SEC offices are the only ones I know who have stepped up to the plate to help the education profession deal with the predators in the 403b. They responded to the NY Times articles two years ago. The Consumer Federation of America has also chimed in. We are attempting to find out what they can do. Unfortunately, both CalSTRS and SEC have their own compliance hands tied behind the backs and probably cannot help much. At the summit, each speaker had to say "What I say here doesn't represent the SEC." Scott and Barbara (our committee consultant) who are the best fiduciaries in Calfornia and know the state insurance laws here were not asked to speak. The only two nonprofessionals who were on the panel were from the CTA, both were chairs of the CTA retirement committee. There was one member from the state insurance commissioner who only spoke about what they do for all insurance policies. Nobody mentioned the hideous 770.3. 

I was very happy they put this together. I met the Vanguard rep and some old friends from TIAA. 

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On 10/8/2018 at 7:45 PM, Sandyk said:

I could not have said it any better!!! Educators will continue to face all the issues discussed at the forum until all the groups you mentioned "step up to the plate" to change the insurance code and eliminate 770.3 .  We will continue to educate as many educators as we can but there are too many that are being ripped off with high fees  and surrender charges. FIGHT ON!!!!

Hey Sandy,

Welcome to this board. We need your voice! 

Steve

PS Sandy and I have known each other for 20 years. We organized an informal informational group at a restaurant for years to help teachers. Back in the day, NOBODY was dealing with this problem that has not changed much in 20 years. She has also worked very hard to bring formal investing workshops to the Los Angeles teachers union. 

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