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About cguinta1

  • Birthday 12/03/1982

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  1. Does anyone on the forum know the expense ratio for Oldham Resource Groups 430b or 457?
  2. THERE IS NOTHING TO "GET DONE". BY LAW YOU ARE NOW ENTITLED TO CONTRIBUTE TO THE SACT. SACT WILL BE ABSORBED BY THE ACTS PROGRAM NEXT YEAR. THE ACTS PROGRAM INCLUDES A FEW INVESTMENT PROVIDERS, ONE OF WHICH IS TIAA-CREF. ALL THE OTHERS ARE OF THE COMMISSION BASED VARIETY. BY LAW YOU WILL BE ENTITLED TO ELECT ANY INVESTMENT PROVIDER ON THE ACTS LIST. FOR GOOD AND OBVIOUS REASONS TIAA-CREF SHOULD BE CHOSEN. Hi Joel I sense your frustration in your reply to me. I am at the end of my teaching career and have listened to, and trusted the 403b sales people for the past 30 years. I have recently started researching 403b investments and came across this site an have read all your postings as well as others. I am trying to make things better for the younger faculty and I campaigned for bringing in Vanguard to give us lower rates with no early surrender fees. I want to make sure I give the correct information you posted on this thread and appreciate the work and info you have provided and that is why I joined the forum and asked you questions. I look forward to this taking place so we can stop being ripped off. The next generation needs a good retirement deal as we have lost so much in NJ since the reign of our current governor. You are to be commended for fighting for The Vanguard Group for your colleagues. They will soon be able to choose The Vanguard and or TIAA-CREF---that's a problem all of us should have. That is great news Joel. I work in a district of roughly 150 teachers. Vanguard was just approved as a 403b vendor once again. It will be nice to have two good options in the district. The main problem we face is that the AXA representative is in our school a few times a month and really does a good job at establishing relationships with the teachers in the district. So must of the teachers choose AXA.
  3. Some states have a 457 plan open to ALL public workers in that state including k-12 personnel. Are you in one of those states; i.e. New York? If your 457(b) plan offers a de minimus cost provider like the Vanguard, which you are using for your 403(b) then you and your employer have hit a home run. If you have not turned age 59 1/2 I would suggest you max out your 457(b) prior to investing in a 403(b) because the 10 percent federal excise tax does not apply to pre-age 59 1/2 withdrawals from a 457(b). Hi Joel, I work in New Jersey in a high school district. Our 457 options are quite limited. We only have three and none are on Vanguard's level. Our options include MetLife, Oldham Resource Group, and Legend Group. That's it!
  4. The school district I work for has the options for teachers to contribute to a 403b and 457b. I currently contribute about $7,000.00 per year to my 403b as that is all i can afford. We have been urged to open a 457 as well even if we do not contribute to it. Is there a reason to open a 457 even if I don't max my contribution to the 403b? What are the benefits of opening a 403b and 457 as well?
  5. Update: I spoke with AXA. There will be a 6% penalty for withdrawing my funds and transferring them to Vanguard. In my opinion, its worth it and I have already filled out the paperwork to do so.
  6. Thank you very much for the clarification mpnret. I will give AXA a call and see what they say. I emailed and called my AXA adviser about a week ago and I am still waiting on him to answer my questions about possible penalties. Mpr I went back and looked through everything. The total amount I contributed to the 403b the last 2.5 years has been $17,400.00. The account is a little over $20,000.00 now. When I do transfer the money from AXA to Vanguard do I subtract the 6% from my 17k contribution or the 20k the account is worth now?
  7. Thank you very much for the clarification mpnret. I will give AXA a call and see what they say. I emailed and called my AXA adviser about a week ago and I am still waiting on him to answer my questions about possible penalties.
  8. A few questions for anyone who knows a fair amount on 403(b) plans. I work in a public school in New Jersey. About three years ago the district discontinued Vanguard as a 403(b) vendor for all staff. We were left with the usual annuity/insurance companies such as AXA, MetLife, Valic etc. Needless to say, after Vanguard left I enrolled with AXA and have saved about $20,000.00 with them. Recently, Vanguard was brought back to the district as a potential vendor. I will begin contributions to my Vanguard 403(b) account immediately. My question(s) is will AXA allow me to transfer the money I have with them back to my Vanguard 403(b) account? If so, does anyone know the penalties for transferring money in an AXA 403(b) to another vendor? If anyone has any experience with this please let me know. I began researching potential fees and penalties I would pay for transferring my money out of AXA. One chart I found state that it is a 12 year process. I am copying exactly what it said below. 12-year non-rolling if transfer to other vendors only: 1st - 5th year - 6%; 6th - 8th - 5%; 9th - 4%; 10th - 3%; 11th - 2%; 12th - 1%; 13th and beyond - 0%.
These charges waived if separate from service, if age 59 1/2, or if age 55 with 5 years in plan; for death or disability. Able to move 10% per year without charge. Is this chart accurate? Does this mean it would take over 12 years to transfer my $20,000.00 from AXA to Vanguard paying a penalty every single year? Are there any other options outside of this 12 year penalty plan? I greatly appreciate any insight the posters on here can give. Thank you, Chris
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