Jump to content

persistence

Members
  • Content Count

    1
  • Joined

  • Last visited

Community Reputation

0 Neutral
  1. I have spent countless hours trying to preserve our existing Fidelity direct investment option. After reading this I to fear that the TPA will drop them at the last minute for the same reason. What is interesting is that the TPA never accessed the Record Keeping Services Agreement form from Fidelity. Unfortunately our school district, like most in the state of MN, hired an insurance company to send out the RFPs and is using an insurance company for TPA. My guess is that while we have been assured by the insurance company that we will continue to offer Fidelity direct 403b(7) along with the usual annuity options Fidelity will be pulled off the table at the last moment. This is what happened in the Anoka school district (MN largest school district). The explanation provided was that Fidelity refused to sign the TPA. I’m guessing the insurance industry has come up with a poison pill (TPA agreement) to keep Fidelity and Vanguard out. If our school district representative signs the Record Keeping Services Agreement from the Fidelity can we keep Fidelity or since they have signed with a TPA are they stuck with the potential poison pill? It’s a sad day when the new regs had the unintended outcome of removing the last few remaining direct investment options like Fidelity and Vanguard.
×
×
  • Create New...