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greatred

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  1. Thank you all for the information. You seemed to have verified my concerns. I will look into you suggestions regarding annuities although none are currently offered and I am not a fan of them in general. I am also pursuing whether a rabbi trust could truely cover my investment without violating the need for the risk of forfeiture of funds to take advantage of the tax break. Greatred P.S. As a doctor working for a health system, I earn enough to be considered a top hat but I am far from having enough power to make decisions to keep our system out of bankruptcy.
  2. I have been maximally contributing to my 403b and non-governmental 457b for 6 years. I am blessed with a generous income and both of these plans provide huge returns up front in marginal taxes not paid and tax free growth. All was well until I heard of some employees at a catholic hospital losing some of their 457b deferred comp when the creditors to the hospital demanded cash. I know that real money is in an account with Wells Fargo and I am able to direct its allocation but the idea that my hospital’s creditors have first dibs on this money concerned me. I confirmed with our HR that there is no trust or insurance purchased to cover the money in the 457b as in governmental plans. I would appreciate if anyone might know more about non-governmental 457b’s as to whether my understanding of no protection of the deferred comp is correct. Also, if so, are there ways I can personally mitigate this risk of loss personally, (my own insurance plan, etc.)? If there is no way to mitigate the risk of loss of 457 monies, are there any other options for investment that approach the attractiveness of the 457b. (IRAs are already maxed.) Who might I employ to help me with this issue (tax accountant, lawyer?) Thanks, Greatred
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