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anthony

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  1. anthony

    Parade Of The States

    I have just gotten off the phone with the Florida Bureau of Deferred Compensation....Drats..they only allow state of Florida employees to take part in their plan. No local or city agencies....Their plan looks awesome...I would have considered opting out of my plan but now that is not an option..if anyone has any different information on Florida please post.
  2. Hey Joel, Still here....kind of tough dealing with the bureaucracy of the city to convince them that we should consider switching our 457 provider. Everyone will listen when I say we need a better choice but no one is really willing to step up and assist in the process. You never want to be the "squeaky" wheel and seem like a complainer but I believe we can do better in regards to fees and investment options. I don't feel comfortable asking our City Manager how much we have in our 457 plan for the whole city. That figure would probably give me a better idea as to whether we are paying too high fees in our plan. It is amazing how these companies (and I've seen a lot that were WORSE than ICMA) are ripping off the consumer saving in retirement plans. What is even more amazing is the lack of knowledge or interest in most plan participants to fix the problem. Frustrating to say the least!!!
  3. Hey, I'm new to the board but love that I can now have access to people with more knowledge than I have on this subject. I am retired from the NYPD where I enjoyed a 457 Plan with very low fees (at least the fees I could find). I have now joined an agency in Florida which I love. They match us for the first 3 % we put into our 457...the only problem is we are using ICMA as our only provider. I have a couple of questions I would love answered if anyone has any information: 1) Can a city have more than one provider? 2) Does anyone have an opinion on ICMA? 3) I have found on the internet that ICMA charges an admin fee of .29 to one plan but to our plan the EXACT same fund charges .70 in admin fee....Now I know it probably has something to do with the amount of assets in our plan (we are a relatively new city) but we are paying 1.20 % for a money market account with ICMA. We are paying 1.01 % for their Index Fund (Vantage Trust) which has underperformed Vanguard etc!! My final complaint with them is that the funds they offer (outside of Fidelity Contrafund) and maybe one or two others are well below Morningstar standards. I have attempted to broach the subject with the City Manager who stated he would contact ICMA to find out if they could lower the fees. I have also heard of an agency in Florida who gives their employees the choice of either ICMA or Nationwide...I don't understand the fee structure but after emailing ICMA they babbled on something about unitization. Finally, I have spoken to other providers in an attempt to gain information and they have informed me that it all depends on what fees/expenses the city is paying versus what is being passed on to us. Any information or ideas is greatly appreciated and I thank you in advance.....
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