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ron876

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  1. OMNI is showing Vanguard as having a signed ISA. They will continue to be offered as an option within 403b. This is great new for teachers in New York who have plans that offer Vanguard.
  2. I heard they did as well. I wonder if Fidelity will offer its complete lineup of funds as it did previously or if it will only offer their Advisor high cost funds.
  3. Actually the investment choices have gotten far worse. At least previous there were good low cost options like Vanguard or Fidelity mixed in with all the high fee junk. Now it is just high cost options
  4. Hi Bob It is unlikely Fidelity will sign, OMNI tells people they are in negotiations with them. The list of options is poor: loaded mutual funds, pass through entities that take a percentage fee of assets each year, and insurance companies. Need I say more. Leave what you have with Fidelity. OMNI and school districts are clearly not interested in offering participants low cost options. They will offer union endorsed high fee vendors. Stay away from the plan as is.
  5. ron876

    Help!

    It's not Vanguard I worry about so much, I will contact them and leave a post on this board regarding their answer. My concern is with the school district trying to have everyone be with one of their preferred high fee providers. I have already decided to stop using our plan going forward as their are no low cost providers. Obviously Janus is making this decision in your case, what a slim ball thing to do. They took your money now they do not want to maintain accounts, putting you in a bad position.
  6. Not within the new 403b options, class A shares. I just hope I can keep accounts at Vanguard. But with a school district I would not be suprised if they try to force participants to move funds to one of their preferred junk providers.
  7. ron876

    Vanguard

    NY state offers a great 457 plan but not all school districts participate , even though they can.
  8. The new options are all loaded mutual funds at the fund level. I hope you are right.
  9. For many of us with 403B with deselected providers as of 1-1-2009, this description governs Vanguard accounts. Either the school disrtict or Vanguard can force the accounts to be moved. This is such a joke. In my case I will have to pay a 5.75 load in one of the new vendors. I may just try to roll to IRA and take my chances with IRS. 7.1 Resignation. The Custodian may resign at any time by written notice to the Participant and Employer, which shall be effective 30 days after delivery thereof unless prior thereto a successor Custodian shall have been appointed. The Custodian may be removed by the Employer at any time upon 30 days’ written notice to the Custodian. However, the Custodian may waive such notice. Upon such resignation or removal, the Custodian shall transfer and deliver all assets of the Account and all records relative thereto to the successor Custodian appointed by the Employer. If a successor Custodian shall not have been so appointed within 30 days from the date of said resignation or removal, the resigning or removed Custodian may designate any bank or trust company to be successor Custodian under this Agreement.
  10. Was wondering if any one was aware what Vanguard will do with existing 403B accounts that have they have taken contributions from 1-1-2007 throurgh 12-31-08. Obvisously they will not deal with the OMNI group in New York State and will no longer be a participant within 403B plan after 1-1-2009. I can't blame them OMNI is a terrible company to deal with. They told me that they will no longer offer Vanguard because they will not sign their ISA. They said if Vanguard went bankrupt the assets would not be protected, what a line of bull. OMNI is offering a list of loaded mutual funds and insurance products, what a shame. TIAA CREF, T-Rowe Price, Vanguard are out. Fidelity they told me they were still in discussions with, but they will likely be out as well. I want to at least maintain what I have with Vanguard in existing accounts. Will I be able to do this??? To have to transfer to a loaded fund company would make me sick. Luckily the district offers state deferred comp 457 plan as of 10-15-08 so will be able to use this going forward. The 403B will be a joke.
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