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lhadens

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  1. Joel; The 403(b) participants can choose between VALIC and TIAA-CREF (pretty typical choices). I have accounts with TIAA-CREF from a previous school I worked for, and personally prefer them, but the institution did not want to have to "deal with multiple servicers for the 457 if there aren't going to be a lot of participants". I think (from what I can gather) that VALIC was able to set up a 457 quicker, so they went with them. Lucy
  2. Joel - Although I could contribute to a 403(b) I am not, opting for the no-penalty withdrawal advantages of the 457b because of my younger age when I can retire from the state system. I realized in saying "annuity company" the implication is that it's an annuity, but its actually in various investment funds managed by VALIC (I know many do not like them, but it's the only option available at my institution for a 457b account). As far as I know from others who have 403 accounts they do not have this same problem. My thoughts as to why? *I* was the person who pushed for our organization to even get a 457b plan a few years ago... we were one of only a couple of state schools in our state left that were NOT offering a 457b option! That said, I don't think there are a lot of people participating via the 457 plan, so I think we're being treated as ugly stepchildren for now. Lucy
  3. Thanks to everyone for your postings thus far... To answer one question - yes, I have been in contact with the HR and financial offices, but I am frequently getting the "oops, we forget to transfer the money" responses. I always wonder what the Feds would do if they said "oops, we forgot to send in the payroll taxes"... If I understand what everyone is saying, then, I guess in the end: a.) For a government-sponsored 457 plan, the institution only has to do what is reasonable (which can be interpreted and justified to be just about any time frame, with the right slant to the story), -OR- b.) Whatever timeframe is spelled out in either the Written Plan Document or Summary Plan Description (of which I have never received a copy of either). I suppose I'll have to pin someone down and get a copy of it... The only item I have right now is the certificate from the annuity company managing my funds, but of course it spells out only their obligations and my relationship with them, not the specific obligations of the institution I work for. What this means to me is that, quite frankly, state organizations really don't have any functional oversight, short of individually pursuing private legal action that is - by all practical accounts - a fiscal nonreality. If anyone else has any further insight into this, however, I would be very interested in hearing, and perhaps I will solicit my Senate/House representatives to consider having ERISA applied to non-profit and government plans as well... it never hurts to speak your mind in these kinds of instances. Thanks! Lucy
  4. Hi Everyone; As an employee of a state college, I have been encountering a problem with the employer not contributing my payroll deductions for a 457(b) until very late (sometimes as much as a month difference between the deduction and the final credit date). Although I know that ERISA doesn't directly apply, I'm nonetheless trying to establish exactly what ARE the fiduciary responsibilities of a governement employer offering a 457(b) fund, and whether such delays are acceptable or even legal. Surely that can't do whatever they want whenever they want with your money, can they? Thanks! Lucy
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