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403Learning

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  1. Thanks. I filled out the paperwork over 2 weeks ago. They tell me it is in process and should take 5-7 days. I will have to call them and see what is going on.
  2. Thanks, I looked it up. He is certified and has no disciplinary history. I sent in my Directinvest application today. Hopefully, that goes through quickly so that I can get out of this annuity asap.
  3. Sorry for the double post but I just realized it is better to quote what I am replying to.
  4. Yes, he is a CFP, or at least that is what his information says. It also says CRPC and CES. I appreciate the advice I have gotten on this site. I am confident that I will find a low-cost option to roll these accounts to.
  5. I looked at the Direct invest information and found the prospectuses for the Vanguard funds. They list both Investor shares and Admiral shares. Do you know which ones are available with directinvest? I am assuming that it is investor shares as they have a higher ER.
  6. Wow! Thanks for all the great information. Yes, my wife and I each have the same annuity. It was a 2 for 1 deal. They are about 18K each which is equal to our contributions for 3 years. Thankfully, it was only 3. Good to know about Security Benefit's other option. I had written them off due to the current situation. Currently, our income is over the Trad. IRA level. Perhaps I could do what Whyme is suggesting. We are pretty close to the limit. I will have to research that further. Our Omni Choices are: American Fidelity Assurance, Ameriprise Financial, Aspire Financial, Global Atlantic Financial Group, Great American Insurance, Horace Mann, National Life, Oppenheimer Shareholders, Security Benefit, Valic, Voya, and Waddel and Reed Our 401K PERSI Total Return Fund (TRF) Balanced1 (Default Option) 0.27% U.S. TIPS Index Fund Bond2 0.05% PERSI Short-Term Investment Portfolio Bond2 0.11% U.S. Bond Market Index Fund Bond2 0.05% Dodge & Cox Income Fund* Bond2 0.43% Calvert Balanced I Balanced1 0.70% Vanguard Growth & Income Adm Large Cap 0.26% U.S. Large Cap Equity Index Fund Large Cap 0.05% U.S. Broad Market Equity Index Fund Large Cap 0.07% U.S. Small/Mid Cap Equity Index Fund Mid Cap3 0.05% T. Rowe Price Small-Cap Stock Small Cap4 0.91% U.S. REIT Index Fund Real Estate5 0.10% International Equity Index Fund International6 0.07% Emerging Markets Equity Index Fund International6,7 0.09% Brandes International Equity I* International6 1.00% Table 2: Recordkeeping Fees Table Total Annual Charge per Tier $ 500,000.01 and up $ 168.00 $ 200,000.01 $ 500,000.00 $ 144.00 $ 100,000.01 $ 200,000.00 $ 129.00 $ 50,000.01 $ 100,000.00 $ 117.00 $ 30,000.01 $ 50,000.00 $ 99.00 $ 10,000.01 $ 30,000.00 $ 72.00 $ 4,000.01 $ 10,000.00 $ 48.00 $ 2,000.01 $ 4,000.00 $ 27.00 $ 1,000.01 $ 2,000.00 $ 12.00 $ 100.01 $ 1,000.00 $ 6.00 $ 0.01 $ 100.00 $ -0
  7. Thanks for the quick replies, everyone! I have read the New York Times articles. That is when things really hit home for me. I should have added what I have done since but did not want to write a novel for my first post. Steps we have taken: Stopped contributing to the Annuity Opened a Roth IRA through Vanguard with the money we were contributing to 403b Started researching how to transfer the annuity. We have a 7 year 7% rolling surrender fee, .9 ME, .15 admin, $30 yearly account charge, about 1% expense ratio on funds, and %5.75 upfront sales charge on our contributions. Ouch!! The reduction in yearly fees will pay the surrender charges off in about 4 years if my math is right. I have requested the transfer paperwork. Now I need to find a suitable fund to transfer it to. Apparently, we can't transfer the 403b to our 401k (both Security Benefit and Omni told me this) without tax penalties. We are in Idaho and our 403b provider is Omni. Most of the choices are insurance companies. I have found that Aspire seems to have low fees (.15 admin, $40/year maintenance) and has lots of fund choices including Vanguard. I need to research some others as well as reread Aspire's paperwork to make sure I'm not missing something. Once we have transferred those accounts to a new 403b, we aren't sure what would be best: Keep contributing to the Vanguard Roth, start our PERSI Choice 401k which has low-cost funds, or perhaps the 403b we find will be the best option. I see a lot of conflicting arguments on what you should max first, Roth Vs 401k. There is no employer contribution match and we would never be in a position to max our 401ks. I will need research these options further. Thanks again!
  8. Hello. I'm hoping for some advice. About 3 years ago at a school event, I won a raffle for free financial planning from a certified financial planner with 25 years experience. It was listed at a value of $1500. My wife and I, both teachers, were thrilled as we knew nothing about finance. We had our pension plans and no other investments. He took all our info, evaluated our risk tolerance, and produced lots of charts and graphs. We thanked him repeatedly. He said he was just hoping to get some good word of mouth. Having young children, he suggested life insurance. We agreed. Next, he suggested that we start contributing to our 403b. Our district has 401k and 403b options. When asked why he suggested the 403 over the 401k, he said that it had better fund options. We didn't know the difference. Unfortunately, we had no clue what to ask during this process. He set the plans up and we agreed to them. As you probably guessed, we each ended up with a variable annuity which we didn't understand. We thought the word annuity was basically a synonym for 403b (Tax Sheltered Annuity). It wasn't until this year, after researching, that we realized what we had....an insurance product with high fees that weren't discussed during the process. I am kicking myself for not doing my research earlier. I know we were naive in failing to see this as a sales situation vs. an advisory one. We were under the impression that all fees were waved due to the raffle and he would pick the best funds for us. I have confronted him that I feel taken advantage of. I was not nice. He maintains that the annuity provides for our retirement in a sound and responsible manner. Now I am conflicted. Is it possible that he truly believes this is a good investment for us? Was I out of line to suggest otherwise? My head says I'm right, but I still feel guilty for some reason. We really liked him and thought he had helped us.
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