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Diosanny

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Posts posted by Diosanny


  1. EdLaFave: The expense ratios for the funds that Kades Margolis has start at .35% and go all the way up to 2.40% (according to the rep)

    krow36: I do have the straight pension plan and as far as I know only new employees have the hybrid option. 

                   Kades Margolis: https://4kmc.com/mbd/ The website doesn't have a lot of information on it but I've also attached the documents the rep sent me.

                   Horace Mann: http://www.efinancialdocs.com/bowne-prospectuses/ProspectusList?action=annuity&group=1&mode=frame 

    I cannot find the Voya documents for my specific district online but I have hard copies. I will email the rep and see if I can get an electronic version and share it on here tomorrow.

     

    Kades Margolis Enrollment Form.pdf

    Kades Margolis Fund List.pdf


  2. Hello,

     I posted in late July/early August about the options my district had for 403b providers. I did open a Roth IRA around that time (thanks to those of you who gave me that advice!) but I would still like to open a 403b. After researching the companies, this is the information I have found...

    Horace Mann Insurance: 1.25% managing fee, $25 a year, no back end charges

    Kades Margolis: $15 a year and they have 2 "options." One has fees upwards of 5% per transaction and the other is 0.90% per asset. $70 closing fee. (And this is the company promoted by the Pennsylvania State Education Association!)

    AXA: 1.25% managing fee, a $40 yearly fee (if I remember correctly), on top of all of the other ridiculous fees they have

    Voya: 0.80% managing fee, no back end charges, and the representative is salary 

    Voya recently became the "preferred" company of my district and apparently they did that by offering such a low fee, but I'm still curious to know if it's a good idea to go through them or if I should still petition the district for better options. 

    Thoughts?

     


  3. Another teacher told me to sign up for an IRA and I have been looking into Vanguard. I'm a little confused because I'm not sure how to go about purchasing a fund or plan or whatever the exact term is though.

    I am more so digging into each option so that I have the information at hand to share with others. Since it's summer time, I have a lot of free time on my hands haha


  4. EdLaFave - I did find your web site and read up on the information you provide. This will definitely be something I will do my best to pursue. 

     

    In response to both of your questions earlier, my district does not have 457b plans or employer match. Am I forced to stick with only the authorized vendors?


  5. EdLaFave and MNGopher - Thank you for your responses! I have asked about the 457b and the employer match and will report back.

    Also, EdLaFave, I am very interested in lobbying the district for better options. Another teacher, who is a dear friend, told me about the AXA adviser and she looked heartbroken when I told her that it probably wasn't the best decision. She is the sweetest person and a mother to all so I would like to prevent others from making the same mistake.


  6. Hello,

    I am a new teacher heading into my 2nd year of teaching. My colleagues told me to start a 403b last year but I was little too overwhelmed with 1st year teaching jitters to start doing so, but I want to start this year. I met with an AXA adviser yesterday morning and everything seemed to be going fine, I was buying what he was selling, but then he pushed for paperwork with no time to think and alarm bells rang in my head. I decided to do my own research and found this discussion board. It seems like I was right to trust those alarms. I will admit that I have limited financial knowledge and a lot of these terms go over my head (I'm sure google is very curious with my recent searches) but I'm trying my best.

    I have attached the list of vendors my district provides (I'm not sure if "provides" is the right term). I looked at their websites and I'm leaning towards Kades-Margolis because they're sponsored by the Pennsylvania State Education Association (union) or Horace-Mann because I believe that's where my mom has hers. 

    Also, and this might be a silly question, but what is the purpose of the Third Party Administrator?

    Any and all advice is welcome and appreciated! Thank you!

    403b SDoL Vendors.jpg

    403b Third Party Administrator.jpg

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