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Everything posted by jarhead

  1. That's interesting. I wanted to do exactly the same thing for my wife's 403(b) and was told that as long as she is still employed by the same district, she can only transfer to another 403(b) that is on the district's vendor list.
  2. +1... my wife just got a word from her school district that they are not signing ISA with Fidelity who was the only low cost provider. I was going to transfer her AXA 403(b) to Fidelity but now that's not going to happen. She stopped contributing to AXA 403(b) account and enrolled in 457 plan last year. It pains me to leave that money with AXA. Time to start writing letters to request a low-cost provider.
  3. Steve, With all due respect... we get it, you love Obama and I am not just refering to this specific thread. Please keep in mind that not all who frequent this forum get that tingly feeling up their leg every time his name is mentioned nor are afflicted with BDS. I was under the impression that this is a 403(b)/457 forum, not a political discussion forum.
  4. What is the difference between Direct and Adviser and how do I know what they are offering?
  5. Steve, I didn't say that I like him... just that I started listening to his radio show and decided to read his book. I did read in other books that investing in index funds is the way to go and wanted to get opinions here on Ric Edelman's contradiction. Since I am still learning the ins-and-outs of investing, who am I to argue. That's why I asked. :-D
  6. In this same book (chapter 5) he says that traditional index funds are a foolish investment. He says that in his previous books he explains why. I have read Richard Ferri's book where he says just the opposite. Steve,I understand it as if you're 7 years or more from using your money (not retiring - you may retire and not use the money in your retirement account), place all of your contributions in diversified stock mutual funds. I'd hate to take something as important as these statements out of context. If someone has this book or takes it out of their local library, please browse through these 2 chapters and confirm.
  7. Not sure if this belongs in a 403(b) forum but it is related to retirement plans. Recently I started listening to Ric Edelman's weekly radio show and currently reading his book "Lies About Money". Chapter 9 on retirement really caught my eye where the author recommends to place all your contributions into a diversified stock mutual funds if you're at least 7 years from using your money. Has anyone read tis book and what do you think about this advise?
  8. My wife stopped contributing into AXA 403(b) and started contributing to New York state 457 plan instead. I want her to rollover the money currently in 403(b) (with an understanding that we'll have to pay the surrender charges and recover the loss by the time she retires). She was told that she cannot rollover into 457 plan and can only rollover into another 403(b) with a participating vendor. Out of the ones listed, I see only Fidelity and Oppenheimer as a decent choice. Which of the two companies is better?
  9. You're calling someone you know nothing about a jerk? I was under the impression that this was a 403(b) discussion board, not a DailyKos blog. Let's keep politics out of this.
  10. http://online.wsj.com/article/SB1217445301...us_inside_today
  11. http://www.usatoday.com/money/perfi/retire...401k-fees_N.htm
  12. Judy, I watched it on DVR last night and forced my wife to watch it along side. I could see the pain in her eyes - she just had no interest. :-( Thanks for bringing the show to our attention. The link above does not work - I think this is the correct link: The Float
  13. BG, They offer Fidelity Freedom lifecycle funds. My wife is going to invest in the 2030 fund even though she is looking to retire in 2020. I'd prefer that she does not touch the 457 immediately after her retirement. She stopped contributing to her 403b AXA plan and next pay period will start contributions to NY 457 plan with 100% going to Fidelity Freedom 2030 fund.We are waiting to hear from the fee-only financial advisor how to handle the 403b account.
  14. Jim,I have just surrendered my variable life insurance policy with AXA... felt good! Next will be my wife's and then her 403(b). Enrollment form for 457 plan is in the mail. I am drafting a complaint letter to AXA CEO and to New York State Dept of Insurance. Our so-called AXA advisor tried to sell us both a second variable life insurance policy at the expense of our retirement accounts.
  15. Hmmm... I just checked the guide for that time slot (want to DVR it) and it's not being listed. Bloomber TV web site is actually showing the ###### clip and does indeed say that it will air on 6/19 at 7pm and 9pm.
  16. Tony,That's a quote from Richard Ferri's "All About Index Funds" which I am currently reading. I never thought I'd find such a boring subject (to me) interesting reading.
  17. Joel,I don't know if my wife will allow me to email her directly, but I will see if I can get her email address.
  18. I had my wife send an email about adding Vanguard as a vendor: "How can we go about adding Vanguard as a vendor and why is the district "promoting" annuities through life insurance companies. Most important, why is the New York State Deferred Compensation 457 plan not listed when it is far superior than any of the life insurance companies?" Reply: "Due to new regulations on 403B's we are not adding any new vendors to the 403b list. However, the district does not promote any of the specific vendors. You may choose any one from the list. The 403b was originally design by the government as an annuity type product and therefore many of the vendors offer annuity products. The NYS Deferred Compensation program is entirely different and is a 457 plan. Employees may participate in either or in both. Joan L. Colvin, Ed. D. Assistant Superintendent for Business Services" ************************************************* I love the part where she says: "you may choose any one from the list". But if 457 plan is not on the list how are teachers supposed to know that it's offered?
  19. Joel, Yes, Fidelity Freedom Funds are offered on the New York State's 457 plan. Too bad, other than the Vanguard Total Bond Index Fund, there are no other decent index funds to choose from. About the 10% federal excise tax... is it charged if you take the money out early, before the age of 59 ½?
  20. Having a choice between 457 plan and Fidelity (possibly Vanguard), why would a 457 Deferred Compensation Plan be a better choice?
  21. Joel, Good question... As you can see, they don't "advertise" it. The only reason I found out about the avalability of 457 plan is because you told me to inquire. I will ask my wife to contact the administration and insist that they add 457 plan to the list.
  22. Took the school long enough to give my wife the information she requested weeks ago. Here are the contents of the letter: ************************************************************ TAX SHELTER ANNUITIES Tax shelter annuities are available to all full and part time employees of the school district. If you would like to arrange for a portion of your earnings to be contributed to a tax shelter annuity, you may contact any of the companies listed below. The district makes no recommendations concerning either agents or institutions. ING AXA Travelers/Met Life Union Central Ameriprise Financial Services R & R Financial Planners Fidelity Investments ************************************************************** Even though they offer NY State 457 plan, they make no mention of it. They offer no recommendation, but all they talk about is TSA's.
  23. Yep, it looks like mis-understanding took his toys and went home. I had a chat with one of the teachers who works in my wife's school and he agreed to drop a packet of information about VA's into teachers' mailboxes. I will make it my homework to work on it this summer so that it is ready to go come September.
  24. Crickets... ;-) An excerpt from Burton Malkiel's book "The Random Walk Guide To Investing" "I would avoid buying variable annuity products, especially the high-cost products offered by insurance salespeople" "Unless your mutual fund declines sharply with a fall in the stock market and you drop dead soon after purchasing a variable annuity, the value of this insurance is likely to be small." "The only reason you should even consider a variable annuity is if you are super wealthy and have maxed out on all the other tax-deferred savings alternatives. And even then you should purchase such an annuity directly from one of the low-cost providers such as TIAA-CREF or the Vanguard Group."
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