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ElaineF

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  1. I'm not familiar with Aspire for 403b investments. But, I have to wonder if they are related to the company of same name that runs Charter Schools, mainly in CA. I would think if Kades-Margolis is on the list there would be no problem as the S.D. would have signed their docs. Go through your PSEA UNISERVE REP(employee of PSEA), NOT your bldg. rep. If they are not familiar with the situation, refer them to the post on the PSEA web site: http://www.psea.org/general.aspx?id=3848 However, be aware since my contributions seems to pass thru several hands before it get to Vanguard, there is sometimes a delay of up to 6 weeks before my contributions show up at Vanguard. GOOD LUCK.
  2. ElaineF

    Vanguard

    Hey, Steve. It is actually possible to get a good deal on 403b plans. My district has continued to offer Vanguard through TDS for no extra cost to employees. I think that TDS is eating the cost. Of course, it is selling a bunch of garbage to district employees to make up its costs. The way the markets are behaving, though, I'm not sure it matters much who is selling financial products. We're all taking a major bath. The losses have been sickening. AP, I could never get an explanation for the differences. Why does VG sign some HH agreements and the new ISAs with a few districts but not the others. I keep asking and asking. Steve If a s.d. signs VANGUARD'S ISA then there's no problem. Otherwise, I guess they will want only one ISA(if different) to cover a large volume of S.D.'s though 1 TPA. In my case that TPA is Employer Admin. Serv. EAS thru help of union got many PA S.D.'s to sign with them. It's interesting to note that while investigating low cost 403(b) plans many months ago, I found TIAA-CREF to be another good choice. But, TIAA wasn't adding ANY new S.D. now & seemed to indicate they only deal with large universities & very large S.D.'s to keep their costs low.
  3. Call your district. It would be astonishing that a district actually is looking out for its employees. Also, it just occured to me that VG is in your state. Must be nice. Steve It looks like a combination of efforts by the PSEA(Penn.Education Assoc.) union pressuring Vanguard, School districts & the unions endorsed 403(b) vendor(Kades-Margolis). This after complaints from teachers like us. However, a lot has to do with being in Vanguard's home state. I don't know all the answers, just that they got it to work here.
  4. ElaineF

    Vanguard

    As per the my S.D. written agreement, posted on EAS, "NOTE: The TPA charges no fees to employees. There may be fees associated with your investment that your investment provider and/or investment fund may charge as indicated in the previous section.)". Therfore, the fee is whatever the investment co. charges. In this case just Vanguard's $10.00 fee. You can view the documents at: http://www.employeradmin.com/home/Employee...61/Default.aspx Then click on the state,( most in PA), then the S.D., where you can read the plan document. IT'S AMAZING HOW THEY POSTED THIS TO THE PUBLIC!! E
  5. Well, it was mainly writing e-mails to the S.D. business mgr.; local union Uniserve rep., my U.S. Congressman(who after several e-mails back & forth called me on the phone to clarify the issue), and Jim Testerman, the PRESIDENT of the PSEA!!!!. At first Jim Testerman only was defending Kades Margolis. I know others proved to the Union & S.D. mgmt. with spreadsheets, etc. that these other Co.'s with LOADS( fees) were a rip-off. The union must have had many complaints from others. Apparantly if you read the PSEA notice they got so many S.D.'s to sign on to the one Kades-Margolis/ E.A.S. AGREEMENT as a TPA. Then it meant in PA, Vanguard only had that one agreement for it's lawyers to aggree on for all those S.D...........THIS IS ALL MY GUESS On their website E.A.S. http://www.employeradmin.com/home/AboutUs/...36/Default.aspx says, "provide a comprehensive compliance and common remitting program to support the 403(b) plan market. EAS provides common remitting services on behalf of the plan for all vendors and products approved by the employer as well as providing proactive compliance monitoring on behalf of the plan and participants." They may be charging the S.D. fees??? good luck
  6. ElaineF

    Vanguard

    Well in PA it looks like my previous post was wrong(I can't burst your bubble). Dave you are correct & I'm now getting Vanguard with only a $10.00/yr fee, which is GReat! This was after much complaining to the PSEA & congressman, etc. It's actually through another co. related to Kades Margolis, called EMPLOYER ADMIN SERVICES. see http://www.employeradmin.com/home/Home/tabid/64/Default.aspx You can actually go to that website under employee, then state & see what school district sign on, what plans they have & even see that S.D. written plan. It took time but it's GREAT. Amazing what being vocal can do for you. It's explained on the PSEA website post: http://www.psea.org/general.aspx?id=3848
  7. Well in PA it looks like my previous post was wrong(I can't burst your bubble). Dave you are correct & I'm now getting Vanguard with only a $10.00/yr fee, which is GReat! This was after much complaining to the PSEA & congressman, etc. It's actually through another co. related to Kades Margolis, called EMPLOYER ADMIN SERVICES. see http://www.employeradmin.com/home/Home/tabid/64/Default.aspx You can actually go to that website under employee, then state & see what school district sign on, what plans they have & even see that S.D. written plan. It took time but it's GREAT. Amazing what being vocal can do for you. It's explained on the PSEA website post: http://www.psea.org/general.aspx?id=3848
  8. I've e-mailed both my Congressman & a U.S. Senator complaining about this 403(b) mess, & have no replies. We are all being screwed by the IRS & the high cost providors. The only hope is help from the Obama admin.
  9. ElaineF

    Vanguard

    My district's 457 plan is run by ... Surprise! Security Benefit! Just look at the fine print on the wonderful Security Benefit SFR (is that short for Sure !@#$ing Reamed?): Account Charges – Account Charges Options 1, 2, 12, 13, 14, 30, 31, 32, 33 and 34: Asset Based Account Fee: 1.00%. Options 3, 4, 5, 15, 16, 17 and 35: Asset Based Account Fee: 0.85%. Options 6, 7, 18, 19, 20 and 36: Asset Based Account Fee: 0.75%. Options 8, 9, 21, 22, and 23: Asset Based Account Fee: 0.65%. Options 10, 11, 24, 25 and 26: Asset Based Account Fee: 0.50%. Options 27, 28 and 29: Asset Based Account Fee: 0.35%. Administration fees of $0 to $40 may apply. Perfectly clear, isn't it? This, of course, is above and beyond the normal expense ratios. And this is what my association endorses. I suspect that the district would not mind at all if it changed providers. In fact, the district's business manager told me as much. It is the association that is holding things back. I assume your talking about the NEA 403b plan. It's not offered to me, but on their website, link from NEA benifits it mentions a new "no cost" self directed 403b invested in mutual funds. see: https://nea.securitybenefit.com/neavaluebui...elfdirected.htm Is that a crock of xxxx? It probably won't do any good, but I've written to my congressman. I urge all interested teachers to do the same & complain. My district chose a TPA (TDS) that includes Vanguard as a choice. I followed this up with two conversations with TDS employees, and they assured me that the transition will be seamless. I will not have to change anything; the contributions to Vanguard will continue as usual. Now, that is what they said. I'm not going to be surprised if it doesn't work out that way. Contact info for them? We need all the ammo we can get. http://www.taxdeferredservices.com/new/tdsadvisors/ In my S.D. where Vanguard is no longer offered to me(eff. 2009), one of the choices is Lincoln Investments. They can also get me Vanguard through them. BUT, THEY CHARGE AN ANNUAL FEE OF 9/10 OF 1%(######.009) on the total ammount invested. That's done quarterly, every year! I'm told that they sell those funds aa "A" shares(higher expenses to boot). Read the fine print before you invest. You can get it without the .90%. You need to ask! Do some homework! Do you have to ask Lincoln to drop their fees? My S.D. won't offer Vanguard directly anymore eff.'09.
  10. I hate to burst your bubble, but you MUST FIND OUT WHAT KADES MARGOLIS IS CHARGING(loads). Just as without them offering Vanguard, their fees are the highest around. In my school district they also have Lincoln Investments who are also offering Vanguard. But they charge annual fees of .009 ###### the total amount in the account every year. Now that's bad, but generaly better than Kades-Margolis fees!! They charge fees(loads) starting at 5.25% of the money invested. see: http://204.2.108.145/MoneyByDesign/documen...0Disclosure.pdf Invested directly with Vanguard you would pay 0(zero) load!
  11. ElaineF

    Security Benefit

    It's a mutual fund platform not an annuity. Fees are very low. Reminder: this is true for Valuebuilder Direct, and not for the salesman-oriented Valuebuilder that led to a lawsuit against NEA for endorsing such an awful product. I'd like someone to sue my PSEA(PA.State Ed.Assoc.) affilliate of NEA. They endorse the 403-b plans from Kades-Margolis, a broker. The funds they sell all carry a very high 5.5% load.
  12. ElaineF

    Vanguard

    My district's 457 plan is run by ... Surprise! Security Benefit! Just look at the fine print on the wonderful Security Benefit SFR (is that short for Sure !@#$ing Reamed?): Account Charges – Account Charges Options 1, 2, 12, 13, 14, 30, 31, 32, 33 and 34: Asset Based Account Fee: 1.00%. Options 3, 4, 5, 15, 16, 17 and 35: Asset Based Account Fee: 0.85%. Options 6, 7, 18, 19, 20 and 36: Asset Based Account Fee: 0.75%. Options 8, 9, 21, 22, and 23: Asset Based Account Fee: 0.65%. Options 10, 11, 24, 25 and 26: Asset Based Account Fee: 0.50%. Options 27, 28 and 29: Asset Based Account Fee: 0.35%. Administration fees of $0 to $40 may apply. Perfectly clear, isn't it? This, of course, is above and beyond the normal expense ratios. And this is what my association endorses. I suspect that the district would not mind at all if it changed providers. In fact, the district's business manager told me as much. It is the association that is holding things back. I assume your talking about the NEA 403b plan. It's not offered to me, but on their website, link from NEA benifits it mentions a new "no cost" self directed 403b invested in mutual funds. see: https://nea.securitybenefit.com/neavaluebui...elfdirected.htm Is that a crock of xxxx? It probably won't do any good, but I've written to my congressman. I urge all interested teachers to do the same & complain. My district chose a TPA (TDS) that includes Vanguard as a choice. I followed this up with two conversations with TDS employees, and they assured me that the transition will be seamless. I will not have to change anything; the contributions to Vanguard will continue as usual. Now, that is what they said. I'm not going to be surprised if it doesn't work out that way. Contact info for them? We need all the ammo we can get. http://www.taxdeferredservices.com/new/tdsadvisors/ In my S.D. where Vanguard is no longer offered to me(eff. 2009), one of the choices is Lincoln Investments. They can also get me Vanguard through them. BUT, THEY CHARGE AN ANNUAL FEE OF 9/10 OF 1%(######.009) on the total ammount invested. That's done quarterly, every year! I'm told that they sell those funds aa "A" shares(higher expenses to boot). Read the fine print before you invest.
  13. Thank-you for your replies. I've been investigating the choices. In addition to their high loaded fund, LINCOLN now also offers some VANGUARD FUNDS. With that choice instead of a front load you pay fees based on 9/10 of 1%(###### .009) of the annual value(paid quarterly). In doing the math I think that would only be better than paying high loads if close to retirement, which I am(5-6 years). The Lincoln rep. said I could then roll it into an IRA directly with Vanguard.
  14. I have been happy with low cost 403b investing for several years with VANGUARD. More specifically choosing a Target Date Fund. However, with the new IRS regs. Vanguard is no longer a choice for 2009.(Sch. Dist. won't sign their form). They are only potentially offering 403b from: AIG RETIREMENT(Valic) -co.in financial trouble?? ING LINCOLN INVESTMENT PLANNING METLIFE KADES-MARGOLIS (This is the local co. endorced by the Union- PSEA w/ a very high 5.5% load on all mutual funds....with quite a few to choose from. See http://www.moneybydesign.biz/ ) I realize with a State teachers pension, I don't want a high cost annuity contract for my 403b. That's unless it was a low cost one from TIAA-CREF. But, then TIAA IS NOT OFFERED! These companies all seem to be high cost. Any Suggestions? WHAT HAS THE IRS DONE?
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