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  1. Lucas, Read what you wrote - "In talking with a Kemper/Zurich rep, he agreed with me...that I would owe no surrender charges on money that has been in the contract for seven years." I think this is like what I said in the July 1st conversation you alluded to. No surrender charges on money that HAS BEEN in the contract for 7 years! This is money that you put in 7 years ago. However, as Chuck says it depends on the contract. We've got one that we stopped putting new money in more than 10 years ago but unless we annuitize, we lose large amounts of money b/c of the terms of the contract.
  2. meyerr


    Norm, I can't know without the facts. It sounds like you're still in the period where the back end charges apply and this is the amount of commission still owed your salesperson. Roberta
  3. I was waiting for someone like Michael and Chuck to come along and give you the FACTS. They, or someone as knowledgeable, had filled me in several years ago on this board, but when I searched to old board yesterday my search skills were not adequate. Despite what Michael and Chuck say, this is a very common tactic out here in 403b land. I've had several agents from different companies, including some of the big ones, trying to do this. Beware! The numbers they use don't work. Read the fine print repeatedly and then read it again. They like to push using your 403b policy to cover the amount of your pension. The amount of money your heirs would lose if you die and don't collect your state/county/district pension for umpteen years. They also use this instead of using the spousal option on the pension. There's another one that involves self-insuring for long term care costs using life insurance with "guaranteed" value within your 403b and then taking tax free loans from there. The numbers work out better self insuring without spending on their commissions and costs just using a 5% long bond rate of return. Roberta
  4. You need to check the terms of your specific agreement but frequently money is last in, first out and it has not been 7 or 8 or 9 years since you last put money in the 403b. i.e. The trailing commission period goes years from the LAST time you invested money. Roberta
  5. There are many similarities between the two. One of the problems with 403b's are the high charges/commissions, usually hidden, while IRA's CAN be purchased without paying loads or exhoribant (sp) expenses. An advantage to the 403b is that it can come directly out of your salary so it doesn't take as much discipline. The usual advice is to do a Roth IRA first unless there is an employer match which is unusual in the 403b world, and then do a 403b OR, depending on the expenses of the plan, a low cost, tax efficient investment. Roberta
  6. Lisa, I believe Scotty is probably on the right trail. Ing is pushing 401a's and the school districts are going for it big time. There's a movement afoot in our to make it mandatory for administrators to deposit unused sick leave annually. We're already doing it with terminal sick pay. Ask the client if it's funded with their unused sick days. Roberta
  7. You don't need to establish a trust to do this. It can be done with your regular/current 403b. As Joel detailed by dividing it into multiple accounts with different beneficiaries or if the beneficiaries are close in age just divide it up with them as beneficiaries. The trick is not to have your 403b go into your estate, but directly to the beneficiaries, Roberta
  8. meyerr


    A friend has given me the documents relating to the new 401a our county has established. It is a Bencor investment - Bencor is an ing/valic company. There is a guaranteed account but most of the documents have to do with the prosperia annuity. Even with my experience in reading these things and my investment experience, the slanting of these documents is exceptional! I have read everything with my magnifying glass and cannot find the costs. There is a number I can call for special documents/prospectus. The money market account has LOST money. There is apparently a special account which is a GIC which supposedly doesn't have costs. I think I may have figured out how to sign up for that, but it is REALLY hidden. I havent' been able to figure out how or when I can transfer out of it. We have the age. It's a good thing that I have almost a year to figure these documents out. I'm going to need it. When I asked our union person in charge of these kinds of things about the 401a, I was told it was a Wachovia bank plan; wachovia is the custodian. Roberta
  9. This article is incomplete and ?slanted. It is up to the Superintendent of Schools in each county to decide on each teacher whether they may continue. Miami-Dade County has made it clear that not only are they NOT extending, they will not permit any teachers to come back 6 months later at beginning salary which is another provision of the new law. Furthermore, not only is your terminal sick leave frozen at the time you enter DROP, the new law now limits it to your rate at the time you were eligible to enter DROP, whether you did or not. They have also loosened the requirements for certification to cope with the teacher shortage. Roberta
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