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bigred

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Posts posted by bigred


  1. Hey Steve,

     

    I know. But his failure to answer is really the answer.

     

    Dan

     

     

    Dan, was this referred back to me?

     

    I have my opinion on SS and it is that we are handing over our money with little direction as to how it is handled. I do think that the program has a very important place. I know plenty of people who depend on this as their sole source of income. Without this program, our elderly in this country would be in much worse shape and I find some value in that.

     

    With that said I would like to be able to see an account for myself grow, even if it was in a fixed annuity type product that would average between 3.5% to 5.5% depending on the interest rate environment. That would at least guarantee the person getting something for his time value of money. The big question is what % can be allowed to take out of the system. We keep hearing about need buyers for debt other than treasury bonds, let PIMCO manage this and we would start getting more bang for our buck.

     

    Also I would like to see the people that SS is replacing 70% of their preretirement income for. That # is way to high for me.


  2. I just would feel very uncomfortable with the government getting a larger portion of my paycheck. I already hate the fact I've sent tens of thousands in Soc Sec that I will never see any return on. There are some b plans out there that are quality and hopefully someone fights to get them all that way.


  3. A rep. left a 150 page book/enrollment guide for me when I asked for more info. about funds! They have 33 products for us to choose from in the typical groups of funds that you would expect. I looked hardest at Eaton Vance Large-Cap Value Fund, ING Russell Large Cap Index Portfolio Class S, and River Source Diversified Equity Income Fund. They also have several asset allocation funds. I am really thinking they are going to have high fees. So here's a question- How much is too much in fees? The book gave rates of return on the products w/o fees of course. ING did admit to an average of 1.42% in fees. That seems like alot to me since my previous 403b did not charge extra fees.

     

     

    If I was you I would consider all other options outside of the 403b. You can fund IRA's if your income fall below the limits with a much cheaper company. If you do end up in the 403b program be sure to ask about surrender charges because you are getting close to the end of your working life.


  4. I would counsel against attempting to take it out of the plan. The current tax consequences enough should be reason not too. For example if you are in the 25% fed bracket, I am unsure of your state taxes and the 10% penalty for premature withdrawal you are going to eat away another large chunk of nest egg in attempting to take it out. You should have an option somewhere in your plan to get the funds into a money market type account that *should* hold par value and decrease your fluctuations. Hope that helps.


  5. Participation is now closed but if you have signed up please post what you learn here. There has been speculation that an announcement to delay implementation of the new regulations may (big MAY) be announced during this forum.

     

    IRC 403(b) Phone Forum - December 4, 2008

    2:00 p.m. - 3:00 p.m. Eastern

     

    January 1, 2009 is coming up! Are you ready for the Final 403(b) Regulations? Please join Bob Architect as he discusses the facts about it. Bob will answer questions following his presentation.

     

     

    Dan Otter

     

     

    Slightly disappointing forum I think. Spent too much time on the plan termination info. It is very important but I think most of us were hoping for more guidance and the ability to ask more questions.


  6. So a few questions:

     

    1. What am I missing? Why does it seem like so many plans are dropping vanguard? Is it issues with TPA's that don't necessarily effect us?

     

    2. Am I overlooking some huge regulations or administrative burdens that would make adding Vanguard as a 403(b)7 provider less than attractive? (All of the forms on Vanguards website are pre-signed so it seems like they're eager for 403(b) business)

     

    3. I understand that the responsibility will be on us as plan administrator to manage contribution limits, etc. What am I missing? Should we be using a TPA when adding this layer of 'complexity' to the plan?

     

    Thanks, gang.

     

    Steve

     

     

     

    1. Vanguard is getting dropped because they will not sign info sharing agreements with the TPA's.

     

    2. The less than attractive portion of it all comes back to the fact they are not signing the ISA.

     

    3. The cheapest way for you to "add" vanguard(and other funds) through 403b ASP. It does add some cost but can be weighed against the benefits.

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