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Everything posted by Teacher88

  1. Not sure if this post is still active. My district also added IPX this year. I have been working with the union to offer better options, the district obviously still resists. According to 403b compare it says the fees for Fidelity is $126. JC, where did you find the fees as $50 a year? It also says that is based on $10,000. What wold the yearly fees be for $300000? I also see where IPX does not offer any index funds through Fidelty. JC can you explain to me the $36 OMNI fee? Does your district give you the option to pay that fee and invest where you like? Does your district make each individual pay the $36 per year? My district does not charge us a penny to invest in the 403b. Instead they have adopted the awful P3 list of expensive options.
  2. I did talk to a rep at Omni. I explained my dilemma and was told my business office would need to call them. I tried to get her to tell me how much Omni charges the district per person but she would not say. I asked if vanguard could be added to the P3 list my district offers but she claimed she was not sure. I have my union president fired up over this issue and she is a bulldog. We will see what happens and I will keep you all posted. I have done a lot to educate her on 403b fees and she is not happy. She admits that when the district made this change nobody on the negotiating committee understood anything about investing. She was not even aware the change was made. Time will tell.
  3. Thanks for all the advice/information/expertise. Last I checked I was around $225,000, not bad, but not a million yet! I actually just got back from a negotiating committee meeting. We are putting the finishing touches on our contract. We are going to challenge the district over our right to invest directly with Vanguard or Fidelity. So my fight is not over just yet. The best part is that I have actually been able to get the other members of the committee on board with me. When I joined the committee 4 years ago my number one mission at the time was to change our investment options. Very few people listened to me then, now all of a sudden they are making it a priority. All we are asking the district is for the ability to pay the fees so they do not have to. That seems more than reasonable to us, but who knows what the district will say. Edietel: I just went to your Omni page. https://omni403b.com/PlanDetail.aspx?clientID=5U2bHneagTg= If you look at the top on the upper left it says 403b plan. If you pull up my districts plan it says Omni P3 Plan under it. I am not sure if Omni will allow us to add Vanguard/Fidelity to our current plan. They would somehow have to make a different tab with just those two companies on it I would think. I cannot get a straight answer out of Omni. This might be an issue I cannot get around. Krow36: Yes my ROTH is with Fidelity. That is one reason I would like to move my 403b over to them as well. I like the website and I like them as far as customer service goes. I was wondering what retirement would do to my tax bracket. I am hoping to retire with a pension around $70000. Even with a million dollars in tIRA I think I will be ok. I guess a lot depends on what my wife will be earning then. Thanks.
  4. I never really thought about what happens to my 403b after I retire. Is the normal thing to move it to a traditional IRA? Looks like I have some reading ahead of me. I guess I just assumed I would leave my money in the account. I would appreciate any wisdom on that topic. When I retire I will have money in a 403b, a NYS457, and a ROTH. Thanks,
  5. Edietel: thanks for the info. I am in central NY. My district has pretty much turned its back on bringing back Vangaurd and Fidelity unless we use Aspire. Our business administrator will not even return my emails. When she was hired about 4 years ago I had a meeting with her. I actually had to explain to her how the 403b worked, I knew at that time I was doomed. I was able to convince her to make the NYS 457b plan available to us. I was literally the only teacher in the district using it, 99% of my colleagues did not even know what it was. Tony: I am 42, started teaching 2002. I have about 16 years ahead of me. I invest about 15 percent of my salary, my wife does the same. My goal is to have a million when I retire it just seems like such an impossible feat. 15 years is not a ton of time. Fortunately my wife is 8 years younger than me, so I will keep her working for a while after I retire! I know this sounds awful but it was the death of my financial adviser that opened my eyes to the world of investing and fees. They replaced him with a girl who told me she was a weather girl on the news before she decided to try being an adviser. I dropped them the next day, bought a few books and discovered bogleheads.
  6. I understand that Aspire has "reasonable" fees of .15% plus $40 a year. But if I have $250,000 in my 403b, that is $415 a year in fees which I think is high, especially since I am doing all the work. When I retire and I have much more than that in my account I may be looking at $1000 a year in fees. If i was with Vanguard I would only have to pay $60 a year plus the expense ratios of the funds. Or am I looking at this wrong? Fortunately I am using the NEA Direct invest so this is not really an issue. My big concern is if and when the time comes that the Direct Invest fund is no longer supported by the NEA. Here is another thing to think about. When I retire I will get $95 for each sick day I have saved up. That will amount to almost $30000. The money has to be deposited into a 403b according to our contract. Now granted that would only amount to $45 in fees with Aspire, but none of my colleagues understand that. They are currently paying fees of around 5% for an AXA account(or similar), which means when they retire they will be losing around $1500. I do my best to educate those that actually want to learn about their retirement, but I can count them on one hand. Edietel: Does your district offer the P3 garbage funds like mine? With an additional option for Vanguard? Or do you have a list of all funds available to you, both good and bad?
  7. I already have a 403b set up with the NEA Direct Invest. My concern is how much longer NEA will be offering this plan. I have m ROTH with Fidelity and I think they are a great company. If it was an option I would like to move my 403b over to them as well. I also contribute to the NYS457 plan which has some good options. I realize Aspire is not awful, but if I could simply go through Fidelity directly that would be my choice. I spend quite a bit of time at the bogleheads website and have learned quite a bit. It was actually from a post a few days ago on that forum that led me to this forum. When I call OMNI what I want to know is if there is any way for the teacher to pay the fee to be able to invest with Vanguard/Fidelity. I tried calling them three times so far today and all I get is an answering machine...
  8. I just found the answer to my question. This makes me sick. https://www.omni403b.com/p3.aspx Vanguard and Fidelity have not agreed to pay the administration costs, therefore they are not on this list. My school district is only using companies on the list. Is there any legal way around this?
  9. Just to summarize... In 2012 my district dropped Vanguard, Fidelity and a few others from our "approved" list of 403 providers. I teach in central New York and we are required to use the third party provider known as OMNI. I became fascinated/obsessed with saving for my retirement in 2013. It became my mission to bring back Fidelity and Vanguard to our approved list. It has been an uphill battle to say the least. I joined my unions negotiating committee and was successful in bringing back those two companies in our contract, so I thought. The district agreed to the contract but instead of allowing us to invest directly with Fidelity/Vanguard they are making us go through Aspire. That was NOT the intent of the contract but because the wording of our contact does not specifically say we want to invest directly with them, technically they have honored the contract. After a few heated emails to my personnel director and almost getting myself in trouble I decided to take a step back and regroup. She did tell me that if I could find some companies that will not cost the district any money then we could discuss the options in the future. I called Vanguard and had a nice conversation with them. They made it very clear that they do not charge the school district a single penny. Yes they charge $5 per month per person, however that fee is usually passed along to the employee. The district has the option of picking up that $5 fee but it is their choice. I sent an email to my personnel director with this information and she never responded. That got me thinking. Does anyone know if the third party provider, OMNI, charges the district a fee for their service? If they do, then I would have to assume that the companies on our approved list have agreed to pay that fee for the district in order to get on our list. I plan on calling OMNI but I am thinking they are not going to willingly give up this information. Thanks for any responses.
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