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Debby

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  1. One of the problems you are having is that your district is offering too many vendors, so there is no quality standard in the plan design (think surrender fees) and no price reductions/negotiations. If your district consolidates to a single vendor you actually will have a provision called open architecture, which will provide access to the low cost mutual fund families you are looking for (Fidelity, Vanguard, and American Funds) while also offering advise and guidance for the participants who are looking for a high touch plan. The Illinois Public Pension Fund offers a Best Practice single vendor combined 457(b)/403(b) plan that used the buying power of its member communities to build a supplemental retirement program. You can get more information by emailing donh@ippfabenefits.org.
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