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  1. I haven't checked in on the forum for a while so I'm late to the party here. I agree that the article was horribly written, but I'm cautiously enthusiastic to read this news! My wife is a teacher and has a large chunk of money tied up with AXA. I've been hoping to get a low cost option added to the schools plan, but progress is slow. My understanding is that a deferred comp plan is a 457: the 457 has many great benefits that a 403b does not so this is potentially great news as long as TRS doesn't totally screw it up. As mentioned in the article, Illinois already offers a really great 457 plan to some state employees. I don't know why they couldn't just replicate that for the teachers?? Have to wait and see how bad this gets bobbled, but any movement away from companies such as AXA is a huge step forward.
  2. Yes, all teachers have a pension plan covered under the state ran Illinois TRS. However, the only options for 403b are what each district decides to make available, usually insurance companies.
  3. Illinois teachers aren’t allowed to use the Illinois Deferred Comp plan. I’ve called multiple times to verify this and to try and figure out why not. The short answer is that Illinois teachers aren’t considered state employees, they employed by the local school board/district.
  4. grw

    ERO refund

    I don’t believe so.
  5. Thanks, Ed. They are speaking with Vanguard as well.
  6. I recently found out that my wife’s school district is looking into setting up a low cost 403b option. This is obviously great news! Apparently the HR/payroll person at the school is having difficulty opening a dialogue with Fidelity. Can anyone give me specific information on how to get the ball rolling? It’s probabaly talked about on the forum, but I didn’t find out anything doing a quick search. Thanks
  7. 403bman, I do agree with you. However, I have to say that the financial services in general is pretty slimy. The average person doesn’t have enough education and can easily be taken advantage of. Pretty sad.
  8. So glad you have taken the time to give some insight from your perspective. I also wish enrollment was mandatory but only to a low cost provider. I truly don't understand why the teacher segment of the population is left with so few choices.
  9. I wish he would reply. It'd be nice to pick his brain some. I'm impressed that he took the time to post at all!
  10. Very interesting! I would love to know who Mr. 403bman works for??
  11. Well, just got a call back from the state deferred comp agency and they are claiming that since Illinois schools are controlled by local government/school boards teachers are not eligible to use the state run 457. Very frustrating and doesn't really make sense to me. Illinois sucks in every way.
  12. I'm attempting to again get information on the Illinois 457. It has some great low cost options. I was told before that it was only for state and state university employees. This is what the plan document states "All employees of the State of Illinois who are receiving salary for personal services are eligible to participate in the Plan. This includes, but is not limited to, State University employees, Judges, part-time employees, Legislators, and elected State Officers. Also included is any person under contract for personal services with a State Agency." Now, all Illinois public teachers contribute roughly 10% of each paycheck to the Illinois Teacher Retirement System(TRS) which is a state agency. I don't see why/how they can exclude public teachers, particularly because of the "not limited to" statement. Anyone have any thoughts? I waiting on a call back from the Illinois deferred comp dept.
  13. krow, thanks for the information. My wife’s district is very small with no HR dept, just the Superintendent and some accounting personnel. I’m still working with the Super to add Fidelity or at least Aspire, but I don’t want to push him to hard. He’s a friend and had been receptive thus far. As as far as AXA goes, yes, I’m sure the withholding of information is very intentional. I’ve requested a phone call from someone who can tell me something about this 360 product. Thanks for the information, you truly are a wealth of knowledge and support! BTW, I did get a call from a FINRA investigator this week. He has begun investigating our complaint against AXA. For what’s it worth, better than doing nothing.
  14. krow36, I've been emailing back and forth with AXA and just spent 30 mins on the phone and know one seems to have even heard of the AXA Retirement 360. This is typical of AXA. I'm very interested in learning about the fees associated with this product. My wife has a considerable amount stuck with AXA until we can get her school to add another vendor, maybe this could be a viable option? I'd rather walk thru broken glass than give AXA another dime, but my wife can't leave her job just to transfer her 403b. I know the MillionaireEducator would say otherwise;)
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