I am a simple individual in Riverside, CA that is familiar with the FBC/Empower plan in the districts. I was suggested to go to this website to inquire on this correspondence I received. As I wish to remain, anonymous due to my employer, we recently received this correspondence regarding changes in the 403b/457 platform in Riverside and San Diego. I am very confused and concerned as this is was just sent out on July 1, with no prior warning. I am attaching the correspondence for review and will post this on the 457 forum as well. If anyone can answer the questions below I would appreciated it.
1. Why are they sending 3 agents from Utah when the district already has agents from Empower?
2. Dan Puplava, the FBC director, is appointed with this "National Life Group" isn't that a conflict of interest?
3. How is a fixed annuity with surrender charges a 457, that can then have them waived (very concerning)
4. The individuals from Utah seem to be sent exclusively to the Riverside and San Diego areas, which is strange, no?
5. Who and what is Leafhouse Financial (managed money?)
If anyone has any additional insights, I would appreciate it.
FBC Connection Newsletter 072019.pdf FBC Letter to CBO_HR_SUPINT_072019.pdf