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techteacher

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  1. Edit: I see that Krow36's post includes the program I teach. I teach the High School Financial Planning Program curriculum in my school. https://www.hsfpp.org/ They offer digital and printed resources free of charge to educators. Students and parents can access most of the digital resources as well.
  2. techteacher

    Help!

    After maxing 403 and 457, I would suggest next contributing to a Roth IRA before a taxable brokerage account as it allows for tax free growth and withdraws after 59.5. years old if established for at least 5 years prior. My last bucket is the taxable account.
  3. techteacher

    Help!

    It is through PlanMember Services.
  4. techteacher

    Help!

    I also teach in Maryland and my district does offer a 457 as well as 403. Been maxing both for several years now.
  5. techteacher

    Help!

    My district offers similar vendors Luisa and Krow36 suggested I look into PlanMember Services Direct option. Presently I pay about $70 a year fee plus 0.34% expense ratio. They offer Vanguard Total Stock Market and Total Bond Market Admiral index funds.
  6. It's been a while since my last post and I wanted to provide an update. I have been entirely unsuccessful in reaching our Director of Employee Engagement - oh, the irony! Emails, showing up at the office, putting in a "ticket", reaching out to the head of Human Capital have all been met with deafening silence. I cannot even get my foot in the door to discuss adding a low cost option. I have not given up, but making the change has been a low priority. I am happy for those who have been successful.
  7. I wish to congratulate you as well Bart. So far I have been unable to get the district to add Vanguard or other low cost option. Krow pointed me toward PlanMember Direct which has low-cost index funds e.g. VTSAX with 0.05% ER and a 0.34% annual fee from PlanMember. I'd prefer to go directly with Vanguard, but am settling for this for now. Since my district offers both 403(b) and 457(b), I am taking advantage of both. With a $130 million district shortfall for this coming year and a year-long impasse with contract negotiations it's a tough time to be asking for anything.
  8. Thank you for the information raido_me. I have been crunching the numbers and am considering making maximum contributions to both plans: My primary purpose is to lower taxes for 2017.
  9. A quick check on IRS.gov appears to indicate that both 403b and 457b accounts can be rolled over to traditional and Roth IRA's. I wonder if direct institutional transfers (avoiding the 20% withholding) is also allowed for both? Of course I would plan to do this during a time when I had very low or no income.
  10. Thank you for the advice. Apparently PlanMember does have both 403b and 457 with all PlanMember Direct funds available. Presently we have no Roth options available. All things being equal the 457 seems more attractive, since it has less restrictions. I did read elsewhere that it may be more difficult to roll the 457 into an IRA or other plan if changing employers, whereas the 403b can readily be rolled over. I have not researched it much, but read a fellow's account of converting his 401k to an IRA upon leaving the company and then a Roth IRA post-retirement when his income was $0. Therefore, the tax liability of the conversion was at the lowest tax bracket. Seems like the same can be done with the 404b. Wonder if it could be done with 457? http://www.madfientist.com/traditional-ira-vs-roth-ira/
  11. Thanks for the information Krow. I am interested in folks' thoughts on 403b vs 457b. Both are offered in my district, I've read about some of the differences, but am not certain which might be a better fit. It also seems possible that I could contribute to both.
  12. I have spoken with representatives from both Lincoln Investment and PlanMemeber. The person from Lincoln said that PDP is only offered in a very few districts and mine is not one of them. However, they'd be happy to offer me the same Vanguard index funds for a much higher fee! I am still waiting for the person from PlanMember to get back to me. At first the person said "I emailed you that information two years ago." Well, that person emailed me no information and it was not in the literature that had been given to me when I visited the office. It is quite disappointing how they appear to be obfuscating my choices. Yes, yes, I get that they get a higher commission off the others, but if I am saying "This is what I want..." and they respond "We don't have that" or "We don't offer that" when in fact they do that is downright dishonest.
  13. One of the plan providers has a sales rep who often sets up a table in our main hallway with a few boxes of donuts and coffee. I have spoken with her on a few occasions and at one time asked about their 457 plan options. I think I even mentioned that in a previous post here. Well she and her colleague were back again this past Friday and I brought up the 457 option again asking "what mutual funds do you offer?" Her response "We offer only annuities in our 457." I said "Oh, I thought that the 457 unlike the 403(b), which began by offering only annuities, primarily offers mutual funds." (Something I had read in Dan Solin's Smartest 401(K)* book). She said "well, ours offers only annuities." For some reason, especially after today's conversation on this board, I don't entirely trust her response to me.
  14. Thank you very much Krow. I shall devote some time to looking over 403bcompare. I am looking over the paperwork I received from PlanMember Services about two years ago. They gave me the Elite, Select and annuity options. The person's exact words were "You have three options..." and I was handed the paperwork. I find it quite disappointing that they would neglect to mention Direct. I shall call them this week and confirm it is an option available in my district. I have in my notebook that I called Lincoln Investment and would receive a call back from a representative. I can't recall whether I ever received it, but if so it probably went like this: me: I am interested in low cost passively managed index funds. Rep: We don't offer that. Like PlanMember it appears as though I was not given all of the information. I would like to return to my Human Capital director and let him know what is going on with our current vendors. He may not care, but I find it abhorrent that they would deliberately mislead potential clients. I asked everyone of them whether they would sign a letter stating they would act as my fiduciary. All of them said yes, yet they wouldn't even honestly tell me which products they offered despite me clearly explaining what I am looking for.
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