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  1. Thanks for the response... When was the fee raised from .10 to .15? Why was it raised, because of the need to take on additional staff to accomodate the flood from IRS reg. changes? Also, If I wasnt informed (regular mail or email) about this increase, how can I become more aware of future changes? Do you foresee any additional increases in the near future? THANKS
  2. I thought 403basp was .10 in addition to chosen fund ER>?? THANKS>
  3. can you expand on this gatekeeper option. Are they a TPA? If So, they offer vanguard funds cheaper and more direct than 403basp .10 fee structure? THANKS>
  4. with your wifes plan through JMA, what is the total cost she is incurring to access Vanguard Funds? I didnt know that 403basp offers 457's as well>? THANKS> By the way, with more people were more active on this board. Seems like a lot of people just reading but not really posting, or just posting links to articles (Which I enjoy, just wish there was more communication/dialogue. Perhaps this is representative of the educaotrs not being well-informed in area and just trying to read up)
  5. sullivanke


    Just thought I would drop an update. In workign with our districts Business Adminstrator, we approved adding 403basp as a option for employees. I know there has been some controversy with this platform over the last few weeks. People comlpaining regarding the inability to contact, speed of deposits etc.. However, I have enrolled with them and in speaking with them, feel they have ironed out these glitches. With the IRS changes, they were swamped big time. They currently hold 30% of the nations 403b's and they received a majority of these accounts in a VERY SHORT time period. To accomodate this they have quadrupled there call servive and although someitmes still timely to speak to someone, if you call and wait, you will be able to speak to someone. Our district offers the "open platform" availability giving us access to 20,000+ funds. Including Vanguard, and Fidelity. I simply chose a Vanguard Target Retirement date Fund 2040 based on its allocation and its small 0.19 ER. WHen you tack on 403basp's .10 a total of 0.29 for expenses is clearly not to shabby....Is it better than Fidelity or Vanguard Direct? Of Course not but given the circumstances I think we should all be somewhat pleased with this stride in the right direction. This platform is willing and able to meet any requirements that your district may throw at them so there is no real debate there..... Anyway, I am not trying to endorse this company, have no affiliation (see my prior posts, I have actually shown my doubts before as well) just thought Ide share my update and current feelings....... Oh yeah also, they do charge the 40$/yr fee as well. and a 75$ charge for loans/hardships but they are extremely TRANSPARENT and upfornt with ALL costs. You do not need to worry about and hidden fees. etc.
  6. Dave, do you know the details of your plan document that allowed you to get vanguard added to your list? I recently was told that the IRS states that it is possible to have vendors on the list who both offer loans/hardships and vendors who do not......all under the same plan document? THANKS>
  7. Yeah, I guess I have to agree..... I mean isnt it borderline illegal as well? I thought that the time-limit to get money in is 15 days? What if the market had begun its rebound (which historically is quite abrupt and impressive) and it was during this delay, you and many others would have missed some impressive numbers? Shit, I dont know anymore........... I am sticking to the Roth IRA as well until next year and hoping for the 2009-2010 school year that 403basp has their act together...... It is also scheduled to add a 457 for our district for next year. If we can get a low cost provider in their, this will be my investing priority. If I can contribute > 16,500 next year, I will hope that 403basp is good to go by then.....
  8. Also, not sure if you have seen this, but the following message has been posted on the fron page of 403basp I am optimistic that they will be able to meet my needs as an investement platform for my 403b.... The new regs are hard on everyone, I thin we just need to give them the benefit of the doubt here and allow them to prove that for many districts, they are the best option. "IMPORTANT NOTICE: We understand your concerns regarding the timing of remittance and posting of your contributions to your 403(b) account. Due to high volume and strict adherence to quality control measures, some accounts may be experiencing delays with contributions being reflected. To prevent further delay, contributions received in January will continue to be processed and will be completed no later than February 20th. We appreciate your patience during the initial plan and account establishment period and please be assured that future contributions will be made with much greater expediency. All of us at 403b ASP wish to thank you for choosing us as your Investment Provider, and we will continue to improve upon our service standards."
  9. Rich, sorry to hear this news. Especially since our district will soon be adding 403basp (they have signed the paperwork and will be available in < 1 month). I have found there customer service to be sporadic at best as well. Supposedly, based on another post from another member here, they have added additionaly staff to try to meet the increase in demand. Apprently, this is not enough. At times I get responses from what seems like founders of the company with very thorough answers and then I cannot get a person over the phone or a returned call for days or weeks on end (hence my report card of : "Sporadic at best" I really hope they can iron this out. As long as I can get setup with them and assure that my money is getting to Vanguard or Fidelity (havent chosen allocation yet), through them, I will be ok. I wont be contacting them for any reason after this has been established. Kind of a set it and forgte it scenario. But of course it does leave an uneasy feeling especially if I ever need to withdraw, loan, or general questions need to make contact. Is it 403basp that you are putting blame on, or your TPA>? was 403basp contributing 20$ of their custodial fee to cover your TPA as advertised? Where will you go from here? contribute to a Roth IRA?
  10. after having met with our district union once already, another appointment was made and we met yesterday. This time we had a rep from the state there (NJEA). He was very well informed of the situation in our district and districts across the nation with the new IRS changes. There in the room, he spoke to our Business administrator over the phone and discussed the situation and options. SPecifically he was pressing in ways to get Fidelity back on our vendor list and have Vanguard added. Our IPSA and Plan Documents can be re-written at any time and he was very vocal about that. He handed out a powerpoint discussing impact of fees and options within state of NJ for 403b and 457 and SACS (Supplemental Annuity Collective Trust) anyone use this? dont like the restrictions in the one fund availability. We then discussed how the district can initiate a 457, choosing one low cost provider such as Vanguard. He talked about one district in Wayne who has Vanguard Direct, our business admin, is supposed to be contacting him to see how this structure is setup. Not expecting anything overnight obvioulsy but this seemed like progress to me. We left it as follows: We are going to schedule a meeting with our local union, the NJEA rep, myself and maybe a few other concerned teachers and our business admin to discuss situation. Also, 403basp has signed our districts paperwork and it seems as though they will be board approved. Even if we cant get Fido or Vanguard direct, we will have availability of there funds through 403basp at a very reasonable cost (.10 + Mutual fund ER) and then, if we startup the 457 with a low cost, this would be a great scenario..... time shall tell
  11. Very hesitant to believe anything that comes from this company but was wondering if anyone on hear has heard anything about this new plan in light of the new IRS changes wihtin School Districts and how I can investigate further to check for validity. THANKS> _________________________________________________________________________________________ "just wanted to keep you updated on the plan . Per the district's request, AXA will be offering a new 403b7 low cost direct option to the district. Companies will include Fidelity, etc. We expect to have it available this month. I know this is something you were interested in considering. Your current assets at AXA can be rolled into the new plan, when available _________________________________________________________________________________________ After this chain of communication I inquired about fee structure and was fed the following response: _________________________________________________________________________________________ "The program will be R shares. This is the way many 401k plans are structured, funds are offer at NAV(no sales load) and there is an administrative wrap fee (0.06% is our expectation). You would enroll online directly vs. thru a sales rep. "
  12. Does anyone know if NJ state constitution is like that of NY wherein the deficit will be met by tax? Where can I find this infomration? I am 5 years into NJ education pension ~ 8K into it. If there are changes in the future would I be Grandfathered? What do you guys see happening in a decade with Pension systems for School Districts? If they were to offer you 403b with matches vs pension, how would you choose (this is a very vague question and would be dependant on many things but are there any states who have done something similiar and what was the % match?) If there were low cost funds available and the match was descent, I would not complain. Although a NJ teachers pension is VERY valuable over time
  13. BigRed, Our district just submitted IPSA and Plan Documents to see if they will comply..... I was just wondering, if they DO comply, what funds, out of the 20,000 that they advertise, would be available to our district? My concern is that only funds which are high cost would be available. So, who chooses what funds will be available? Im assuming the School District? If this is the case, Would Vanguard or Fidelity be options, If they werent able (independantly) to sing our documents (thats to say, Fidelity was removed from our vendor list, would 403basp be able offer these?) Thanks for your efforts. Is that link you listed 403basp pending districts?
  14. BigRed, Thanks, I am Middletown Board of Ed. Monmouth County, NJ
  15. Tony, Was hoping you could address a part of my post: "Also, out of all of your vendors, what was the lesser of the evil in terms of their offerings and their associated fees/?" THANKS>
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