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D Junkins

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Posts posted by D Junkins


  1. Hi, roughly a month ago I contacted my CT legislators urging them to join the SEC, New York and Delaware investigating the predatory 403b market/practices in our state.    I've been asked to call a staffer dealing with pension issues at my Senators office to discuss more. 

    I'd like to keep it simple so, what are the 3 points I might make for them to hop on the investigative bandwagon, my ultimate goal? 


  2. On 1/6/2020 at 9:51 AM, D Junkins said:

    Hi all, it's been a while since my last update. Life got in the way and bouncing back and forth with folks trying get this account setup.  We've been enrolled and have our online login to the Security Benefits Portal.  I've submitted the paper work to HR to begin contributions this month for 2020. Crossing fingers. 

    We got caught up for some time trying to figure out what our Plan # was...Security Benefit wouldn't give over the phone and said to check our statements online (nonexistent because we made no contributions).  I eventually found out from our District's account rep for Security Benefit that it was her SS#.  Not a great business practice but, at least explains why nobody would provide it to us.

    In summary:

    1. Apply online with the links provided at the top of this threa.
    2. You should get a confirmation letter 7-10 days later
    3. My wife got her account login info from Security Benefit over the phone sometime after that
    4. Setup your investment choices online. There are several Vanguard funds available with .04 - .07 expense ratios
    5. Fill out your HR forms to begin contributions

    Tip: 

    1.  If you need to call Security Benefits, ask up front if the person is familiar with their NEA DirectInvest product.  Phone support was indeed helpful if they knew about the product - not so much if they didn't.

    Hi all, the journey is complete.  The first contribution arrive in my wife’s Security Benefit account yesterday.  

    Very thankful to the forum and members that helped out.


  3. Hi all, it's been a while since my last update. Life got in the way and bouncing back and forth with folks trying get this account setup.  We've been enrolled and have our online login to the Security Benefits Portal.  I've submitted the paper work to HR to begin contributions this month for 2020. Crossing fingers. 

    We got caught up for some time trying to figure out what our Plan # was...Security Benefit wouldn't give over the phone and said to check our statements online (nonexistent because we made no contributions).  I eventually found out from our District's account rep for Security Benefit that it was her SS#.  Not a great business practice but, at least explains why nobody would provide it to us.

    In summary:

    1. Apply online with the links provided at the top of this threa.
    2. You should get a confirmation letter 7-10 days later
    3. My wife got her account login info from Security Benefit over the phone sometime after that
    4. Setup your investment choices online. There are several Vanguard funds available with .04 - .07 expense ratios
    5. Fill out your HR forms to begin contributions

    Tip: 

    1.  If you need to call Security Benefits, ask up front if the person is familiar with their NEA DirectInvest product.  Phone support was indeed helpful if they knew about the product - not so much if they didn't.

  4. 15 hours ago, tony said:

    Financial independence is, in many ways, just a new wrapper on some long-cherished financial notions. While the movement has taken hold among millennials, the core ideas will be familiar to a lot of baby boomers and Gen Xers. Earlier generations often subsisted on a single income. Owning just one car, and raising a family of four in a home with two bedrooms and a single bathroom, weren’t unusual. “Earn more, spend less” isn’t exactly a new idea. Perhaps the financial independence movement could most accurately be described as a throwback to earlier times.

    https://humbledollar.com/2019/11/why-fi/

    I'm a transplanted Midwesterner on the East Coast.  Totally different conversations among my friends in those regions.  

    Best described as: that's impossible! vs. duh, what planet are you living on?


  5. On 10/26/2019 at 11:28 AM, krow36 said:

    I think you need to confirm with SB that your application has been accepted. This usually seems to take several weeks? The district or the TSA likely has their own Salary Reduction agreement, so you should ask them about that, and they can give you the SB plan number. 

    Yes, seems like it took more than a week for them to be able to see the submitted/accepted online application.  My wife also bounced around to different people until she got one that knew how to find it.  Seems to be in separate system than what the call center reps normally use, so they need to know to look in that other place, if that makes sense.  Said that we'd get paperwork for the account 7-10 days from when it was accepted.


  6. 12 hours ago, krow36 said:

    Have you asked the district's TPA (TSA Consulting Group) for the plan number? I think it’s likely that all Security Benefit options have the same plan number. But maybe not? The district or the TPA can’t tell you which of the SB options you should use. In any case, ask a SB rep, and don’t be surprised if they claim to have never heard of NEA Direct Invest. Hang in there! 

    Thanks, its not really transparent to me who the TPA is but, I've asked HR if I could contact them or the SB agent for the District plan number. I also gave them a few links and offered to do whatever I could to support adding some better options:

    1.  NY Times 403b Expose
    2.  SEC Investigates Teacher 403b's
    3.  Vanguard 403b Services
    4. CT WorkSavePlay 403b

  7. Update for you all....

    HR doesn't apparently have any account/plan #s - said our agent needed to provide them. Hah!  So, back to square one with SB.

    My wife went through several phone reps today at SB until finally speaking with one that was able to find her NEA DirectInvest application. They told her that the application was received yesterday (I submitted it online 9 days ago?) and that she should receive her welcome letter and account info for the account in another 7-10 days. 

    On a separate track, I've emailed District HR and they said I'd need to get the plan # from my account rep.  I plan on dealing with them later, once I have the welcome letter and, hopefully, the account info.  I should be able to fill out the salary reduction form myself for HR and without too many additional questions with those two pieces of info.


  8. Hi all, nothing groundbreaking to report yet.  We've filled out the DirectInvest account application online and I'm told that can take 3-5 days to be completed. 

    SB does not have the Plan # required on the District's Salary reduction form so, I've got an email in with my favorite HR person and we'll see how much of a hornet's nest I've stirred up over there.  If all goes perfectly well, the District will provide me the Plan # and SB will send me an account confirmation letter by tomorrow.  Those two things will get submitted to HR and we're off and running.  

    Thanks again,

    Dan


  9. Thanks everyone. The links, instructions, etc were all very helpful and I'm finally getting around to this today.  We filled out the SB DirectInvest form online and I am now preparing the Salary Reduction agreement.  Does the school district or SecurityBenefit need to provide the "Plan Number", or should either of the two have it?


  10. Hi everyone, my wife has the following vendor list having recently moved to a new school district here in CT.  She does not currently have a 403b, we've been funding mine at Tiaa-Cref and Roths at Vanguard.

    Having donor a little research here and elsewhere and it seems like Aspire may be my best option for a self-directed account?

    I don't think the CT state employee Prudential provider is available to her.

    Thanks!

    Dan Junkins

    TSA Approved Vendor List.pdf

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