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Everything posted by tony

  1. Is this of any help? https://www.irs.gov/retirement-plans/403b-plan-fix-it-guide-an-employee-making-a-15-years-of-service-catch-up-contribution-doesnt-have-the-required-15-years-of-full-time-service-with-the-same-employer
  2. I remember him and reading his writings. In some ways he was Bogle like. R.I.P. Excerpt: When it came to individual investors, for example, Swensen was a harsh critic of how the vast majority of big actively managed mutual funds offer lower returns than simple lower-cost index funds, after fees are factored in. And the mutual funds make huge amounts of money whether the fund performs well or not. Excerpt: Swensen also wrote a book, Unconventional Success, telling everyday people how to invest and avoid pitfalls like excessive fees charged by mutual funds. https://www.boisestatepublicradio.org/2021-05-08/david-swensen-the-greatest-investor-you-maybe-never-heard-of-leaves-powerful-legacy
  3. It’s a question many a personal finance educator has asked: What’s the best way to engage my students’ parents in the financial knowledge I’m teaching? Read The Full Article: https://www.cnbc.com/2021/05/06/teachers-strive-to-bring-more-parents-into-personal-finance-education-.html
  4. Two dozen state legislatures are considering bills on financial literacy education, an unusually high number, proponents say.They attribute the interest to concern about the burden of student debt, as well as heightened awareness about income and economic inequality as a result of the pandemic. Read the full article here https://www.nytimes.com/2021/04/02/your-money/financial-literacy-courses.html
  5. I don't mean to be harsh but I think the administrators of this board don't much care about it anymore. You never hear from them anymore much. Even some other posters here keep beating the facebook drum. I don't have a problem with promoting Facebook if it's attracting more teachers. After all the ultimate goal should be to expose the harm insurance companies are doing to teacher savings . Still there should be some linkage to this board . Does this board ever get promoted on the facebook group ? One thing I have noticed over the years is younger folks whom I call the" texting generation " have very short attention spans and the facebook format suits their short attention spans. People like me that write too much and can't cut their comments short are not their style. My son is an example. He wants quick answers often without the in depth details. I know a good number of people do still come to this board if you look at some of the views our posts get. Perhaps we are too intimidating here and folks don't feel like commenting. I mean seriously who knows more than Krow or Ed or Steve or Whyme and others? Nobody can track down answers to questions with such specifics as Krow can. Perhaps some of us out of the school mainstream just aren't important anymore as younger folks would rather hear from their comtemporaries. Oh well life goes on Tony
  6. Wow how did you get this before I even posted it. Thats kinda strange.
  7. I applaud Ed for really pushing and evaluating NEA DirectInvest. I would never had known it existed and wouldn't have known how good it was if it wasn't Ed beating the drum. Glad to see you back commenting Ed. I bring up Aspire a lot because I invested in it and am familiar with it. At that time it was a pretty good addition and helped us break the monopoly like control of insurance companies. It was a step in the right direction. As long as they make the self direct option available to all its a=still a decent option. But this relationship with Edward Jones is not good.
  8. Steve, Your Total Stock Market fund 6.54% YTD is up 64% for the year. Unheard of. Amazing. I will have to figure out my returns and report back. Unfortunately I lost my Morningstar YTD tracker module. Went to check my return and it was gone.
  9. Deb 19 I remember you!! Thanks for commenting !!!
  10. Truth be told this board is in danger of being eliminated I fear. It's not being utilized enough anymore. No new posts (not much). Supposedly all the action has been taken over by the facebook page. But this board serves a very important purpose giving in depth explanations and heated discussions on important topics related to our 403b /457b plans and all the corruption going on in the in 403b universe. I wish we could reignite this board to what it use to be before it's too late. It was never really on fire but now all we have is smoldering ashes.We have some great minds here and they are going to waste. Please if you are a lurker please start posting opinions and comments and questions. We need to light the flame and get this board back to what it use to be. Don't tell me Facebook is the future when Bogleheads forum is constantly on fire with new posts. Please encourage Facebook posters to post here as well. Damn it !! this board taught me a lot and I think it can still be a valuable tool. We can't let it die. Please contribute. Let's make May the 403bwise discussion board month by posting as much as we possibly can (on topic of course). Don't mean to sound so melodramatic but don't want this board to die. Tony
  11. I've had lots of 403b transfers over the years and not once was the medallion required. I do remember seeing it on An American Funds transfer request sheet but I never had to get the guarantee. I'm glad I finally have all my money in one place now. Getting money out of past 403b plans always was a pain in the rear. But that's what you have to do in a 403b as better options come available. Totally out of all 403b's now and glad!! But you do learn a lot dealing with the 403b disfunction. I've been through it all!!
  12. Well, either way I would think someone in either company would tell her /know the answer if she asked. But I didn't really know just a guess . Never had to go that route. But I get it , the company transferring your money out wants verification that you are who you say you are. It confirms that the signature authorizing the transfer is genuine . But I would think both companies would want that info.
  13. Sorry no one has stepped in to help sooner . You probably have your answer by now. I would imagine this is a question you could ask the company you are transferring to. Tony
  14. I think Vanguard will get it right. Sounds like a box marked inherited 403b or inherited IRA was not checked or it was missed.They can retrace their steps and see where the error was made. I have faith they will come through for you. Try and stay connected to the same contact person by name and ask for that person when you call for updates. Sometime too many people get involved and that causes additional confusion because you have to re-explain the situation. I never used to get the same person twice when I use to call. Some reps seem more knowledgeable than others . You just have to get the right person. If you don't get a resolution I would write the Vanguard CEO a certified letter explaining your situation and CC ing a copy to the IRS. Yes they actually are separate and sometimes that's the problem. Vanguard lets another organization handle their 403b accounts and my past experience with the 403b unit was not positive. But in all fairness that was in the early days of the change. Have Faith. it can and will be corrected. Unfortunately you may have to pull a few hairs out while you wait in frustration. Let us know how this resolves itself. Regards Tony
  15. tony


    As a clarification of my above post that I wrote late at night and probably went on way too long , The info I gave you is for retail funds which are not 403b specific (taxable accounts. IRA. etc)so the fees within a 403b will probably be somewhat different. Still it allows her to see the differences and why Vanguard over time with lower fees is a superior choice. Honestly If she gets in the right funds with VOYA it is not necessarily a bad choice for her if she needs an advisor. Low fees alone are not enough to make someone a successful investor if they don't understand the rest so educating her on the basics is always a good idea.
  16. tony


    JC I say start right here at 403bwise.org. Lots of informational links on the main home page . Teacher testimonial stories on here would help too ,and Dan's book Teach and Retire Rich opened my eyes and may do the same for her. It's written in an easy to understand way that a newbie can grasp. Buy it for her as a gift. It's pretty cheap .Some folks need to see it in print before they believe something. I don't blame them. I'm the same way. Just telling her won't do much good usually because everyone has an opinion.Plus ,some folks trust financial advisors because they are seen as experts and many seek them out as knowledgeable and because they don't want to do the research themselves. But we know how often they take advantage of teachers. We here are on to them. They are nothing more than commissioned salespeople not true advisors. From there I would take her to the Vanguard website and show her the fees they charge on their mutual funds. They have a nifty tool called fund comparison which might be useful as it will breakdown info about the funds you type in. Here is the link; https://personal.vanguard.com/us/faces/JSP/Funds/Compare/CompareEntryContent.jsp Now if she has a Voya sales rep you can bet he/she will try and keep her right where she is by any means necessary if she tries to transfer and will feed her all sorts of misinformation. She might not see the urgency of changing unless you encourage and help her with the transfer. I don't mean to hate 403b salespeople, they are trying to make a living in a bad delivery system but it's in your friends best interest to move over to Vanguard. But she won't have a helping advisor there and some folks need that and are willing to pay for it. In that instance Voya might be a better choice for her if she needs extensive handholding. Voya I believe might allow her to self direct into Vanguard but she will pay more in that structure. Sorry to have rambled on so much. Hope I've helped a little. Tony
  17. I think it's a simple matter of having the inherited IRA re-characterized as such and confirmation paperwork sent to you and the IRS.. The 10% can then be restored to your account .Vanguard should be able to do that for you if you can get a knowledgable rep. If you can't get Vanguard to fix it than I would definitely take Krow's advice and post it on Boglehead but I would not lose your mind over it because it should be Vanguard's problem to fix. . Did your Mom's 403b plan allow you to transfer into an IRA? (Most plans allow this. If your's doesn't could that have triggered the 10%? Something went wrong somewhere. Hope to hear how your problem is resolved. Tony
  18. Matthew, thank-you for offering your help with this.
  19. Taylor 2016 I wouldn't think you would be charged 10% if it stayed in an inherited IRA account. I'm sorry you are going through this, but RELAX .I had Vanguard mess up for me years ago but I can't remember the issue exactly but they did mark something incorrectly and I didn't know it until the end of that year when I received the tax form. It was infuriating to get the error reversed.I had a few people at Vanguard who could not help me but eventually I got someone who understood the issue and they were able to fix it. . Have you thought about calling Vanguard retirement services directly (not Newport) and asking for a senior specialist ? You could also see an accountant and have them review the issue and intercede on your behalf. Or even call the IRS Tax laws are complex and changing and not everyone is on top of it all. I'm certainly not. It would be best for me not to give advice on something I don't know enough about. I found this online but don't know if this is helpful https://weabenefits.com/resource/retirement-forms-and-brochures/403b-and-ira-beneficiary-information-for-nonspouses-trusts-or-other-entities/ or maybe this https://www.marketwatch.com/story/what-are-the-rules-for-inheriting-a-403b-2019-04-19/ Be persistent.Let us know how things turn out for you as your situation may help others. Tony
  20. pghchrism Thanks for following through. I think the person you talked to is a lightweight and might not have her facts straight or in proper context . I've notice more incompetent people on bad phone lines since the pandemic in all areas of my consumer business dealings. I just dealt with one minutes ago who gave me wrong information after keeping me on hold for 25 minutes on a phone that sounded really difficult to hear. I 'm a Trust but verify kind of guy. They may be working from home, poorly trained or basically just stupid . But I believe Aspire is in Florida and the state is wide open. I realize they don't have the kind of customer service Vanguard or Fidelity might offer but Aspire was always "O.K" in the past for me. I think you can transfer your 403b to an IRA only if you separate from service or retire. You can't at will transfer money to an IRA from a 403b unless you change jobs or retire. I guess you technically could but you would pay penalties and taxes. Actually you are in a good place with Krow's recommendation of NEA invest. Basically the Vanguard funds they offer is all you need and the cost can't be beat so I would forget Aspire at this point. If you are willing to send me your school district and a link to your 403b plan with Aspire, I'm willing to pose as an employee and get the right information for you. I don't like this Edward Jones/Aspire arrangement at all. If there is no way around this arrangement than something must have changed since I was working which is highly unfortunate. Perhaps enough people figured out the self direct option and advisors are complaining that they are not making enough commissions selling Aspire products. Most folks we have helped here who did go with Aspire were able to self direct so ,something is very wrong here. I know Edward Jones probably set up the restriction by telling the school district that employees can't set up investments by themselves so they need an advisor otherwise they might screw up. Of course they have commissions in mind , not the employee. I wonder what roll your TPA played in all this. I can't understand why Aspire would buy in to this restriction. It goes against their whole purpose in 403b land. This really bugs me because I really pushed for better choices when I was working and adding Aspire seemed like a step in the right direction. In 403bland seems like its always one step forward, two steps back. If anyone at ASPIRE might be reading this could you please explain yourself? Clarity needed.
  21. I would like to chime in here about Aspire My Aspire experience when I was employed also had a limited amount of offerings but did include a few Vanguard offerings which I didn't want because the offerings were scattered and did not offer adequate diversification options within Vanguard. It also had some more expensive options not associated with Vanguard on the list which I also did not want . On a whim,I called Aspire and they told me I could not be restricted to the funds on the list if I did my own paperwork , picked the funds I wanted, and wrote self direct on the paperwork and IF I sent my own paperwork in myself with no advisor signatures. You might want to call them directly. If they don't allow you to do that, I would ream them out for allowing this arrangement with the district and Edward Jones because I think it goes against their mission statement of allowing lower cost options than the 403b norm. I find your Aspire current set up disgusting. I don't blame Aspire necessarily as they do associate themselves with the advisor option if one prefers that at a higher cost, but I blame Edward Jones for trying to set up the Aspire account in a way that serves the salesperson more than the customer/ investor. Now it's been a while ,so maybe something has changed but I still believe if you completely circumvent / bypass Edward Jones and go straight to Aspire on your own you may be in luck and pick ANY Vanguard funds you want or even Fidelity for that matter which also offers low cost index funds. If worse comes to worse skip Aspire and do the NEA invest which is somewhat cheaper but has more limited choices. But I would love you to follow through with my advice and see what happens and then report back to us so others in your same situation can better understand the Aspire situation if it's duplicated in their school system. Calling Aspire costs you nothing and you might help others. In summary if you can get past Edward Jones' hold on this platform you probably can get funds through Aspire at a fraction of the cost they list. Regards Tony
  22. Funny you mention that. My elderly father in law (Eighties) got a call from one of his " Nephews" begging him to send him $10,000 bail money. He was claiming he was in jail in Florida while on vacation. Luckily he called my wife first because he said he didn't recall having a nephew named Bobby. Years ago my mother in law was stopped from her gardening by a man in a truck who offered to plant" knockout roses" all over her property for only $45,000.00. What a deal. She actually went in to write the check but her husband stopped her. It's so sad to see this. When i was younger I only thought this stuff happened on TV. Now it's a reality show!!
  23. If you think this stuff only happens to others, think again I've had my facebook account broken into twice pre -pandemic. I've also had someone buy a boat off my master card in Isreal during the pandemic and during the early pandemic someone kept charging teen V I D E O S on my Amazon account. I had to shut those accounts down and open new ones I also finally got rid of my landline. Tired of the constant scam calls from the IRS and others. I'm paranoid for sure. I've got every safety protocol going on all my accounts now.
  24. O.K so this is a bit off topic. Still ,we try to prevent people here from getting taken advantage of. I've already witnessed this happening among acquaintances so its good info to be aware of. https://www.nytimes.com/2021/02/06/health/covid-vaccination-card.html?action=click&module=Top Stories&pgtype=Homepage
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