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MIA-MD

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  1. Hello all, After many months of convincing my employer that we could go with a lower cost 403b plan, it was finally approved that we move to a new provider. Our consultant is recommending Wacovia, Pricipal or Prudential. . .mostly because we can also bundle our retirement Defined Benefit with those providers to leverage our total capital. Does anyone have any opinion about any of these three companies in terms of cost, service and investment portfolio? Thanks for your assistance.
  2. The utilization rate for service is very low because most people here (including myself until recently) put the money away and hope all goes well. I don't think any type of "service" is worth all these fees though. I'd love to hear from the rest of you. Thanks.
  3. TRI, I'm inquiring for myself and for the organization. I'm in a position to influence what the org. decides to do and what vendor to work with etc. Half of the ee are unhappy with our current plan (high cost, low performance) and the other half are unaware/uneducated to even have an opinion. I owe it to the org. to look into these things and recommend the best option. I don't know how much are in the funds collectively as they are individual accounts. My acct has less than 3k in it.
  4. Okay, Joals and FT. . . try to restrain yourself long enough to bring the attention back to my original problem in finding as much information about what to do with my 403b. I'm calling for a cease fire here. I finally met with my vendor who verified the following about our current plan: M & E : 1.34% Operating cost: 0-1.85% depending on actual fund selected Admin charges: $30 max; waived for acct $25k + ; 2% if less $1500 Front end sales: 0 Back load (they claim doesn't not exist since we have only one vendor and moving funds within that portfolio free) Surrender charges: 6% for initial 5 yrs with 12 yr declining charge Also, the plan has two index funds (S & P and Small cap), and most of the funds are managed by multiple managers. Total funds in portfolio is around 50. They will allow a rollover (90-24) to other 403b or 403b(7), but such transfer will incur surrender charges. So, it looks like a very expensive plan in terms of the cost. What do you think about the "load" claim? Something about it didn't sound right to me. I believe Joels like index founds, which is one of the reasons he prefers Vanguard and we have that option with this plan. If this were your money, what would you do? HELLLPPPPPPPPPPPP! MIA-MD
  5. MIA-MD is all girl and then some. Thanks for the encouraging others to respond though. (:-)
  6. Thanks for addresing my question FT. . .I'd like to hear from the rest of you about the 401k vs. 403 discussion. It seems FT is accusing others of not fully understanding the difference and I for one confess my ignorance. Please elaborate. The 403b novices on the forum are anxiously awaiting your response. TRI, Joels (I want to be a buddy), Joes, Dan, anyone???????
  7. This is an interesting discussion but it's not directly addressing my questions (see quote). I'm meeting with a New York Life rep as well as my current advisor from AXA in a few days and would like to be prepared. Also, has anyone ever heard of TIAA-CREF refusing to write a contract with a 501c(3) company? Apparently, we tried to open a group account with them about six years ago that was rejected for some reason. Thanks.
  8. MIA-MD

    90-24 Transfers

    Please explain, TRI. Can't a transfer be made with the 90-24 ruling?
  9. It's so nice to have the diverse views represented by the various people on this forum and I thank you for your time. NOw, I'm sure you've had this question posed before but if giving the choice would you even opt for a 403b plan rather than a 401k? Since I am not with a school district, we have the option to look into other retirement plans and I'd like to get your views on this. As I've said before, our 403b plan isn't matched as we also have a defined pension plan that is total funded by the employer, thus matching contribution to a 401k or 403b is not really an option. In this case, is it even reasonable to continue with a 403b plan?
  10. Thanks for your responses. It sounds like FT is saying that we can have multiple providers with one 403b plan. Is this right? FT, could you please elaborate on the various 403b options your referenced? Right now, most employees are not investing in our 403b because it's an annuity and it isn't matched by the employer. . .thus providing little benefit. We do have a separate pension plan as well. I was under the impression that typical 403bs often have limited investment options when compared to a 401k since the latter offers direct investment in mutual funds. Our AXA portfolio pretty much offers annuities.
  11. I'm interested in what was concluded re establishing a new plan, Detailgal. I am in a similar situation now evaluating our current VA TSA with AXA in terms of fees, protecting retirement savings and flexibility. To the group: I've been going back to your old postings trying to learn how to what all these fees mean and how to determine how much of them we are paying. Surrender fees for us is as much as 6%.
  12. I just came across this site and I appreciate your combined experience and expertise on 403b plans. I'm conducting research on the value of our current TDA 403b plan with AXA and have come to understand that there are probably better options out there for us. I work for a non-profit org. and I want to look into other options to our 403b. Seems like we can opt for a 401k plan or retain our 403b, but with a lower-cost provider. There are my questions to the group: 1. explain the pros vs. cons of 403b 2. What challenges should I expect in changing from a 403b plan to a 401k? 3. TIAA-CREF, Vangard and Fidelity were offered as lower-cost 403b alternative providers, which providers should I consider for a 401k? 4. Anything else to keep in mind as I talk to different providers and evaluate our options? Thanks
  13. MIA-MD

    403(b)

    I just came across this site and I appreciate your combined experience and expertise on 403b plans. I'm conducting research on the value of our current TDA 403b plan with AXA and have come to understand that there are probably better options out there for us. I work for a non-profit org. and I want to look into other options to our 403b. Seems like we can opt for a 401k plan or retain our 403b, but with a lower-cost provider. There are my questions to the group: 1. explain the pros vs. cons of 403b 2. What challenges should I expect in changing from a 403b plan to a 401k? 3. TIAA-CREF, Vangard and Fidelity were offered as lower-cost 403b alternative providers, which providers should I consider for a 401k? 4. Anything else to keep in mind as I talk to different providers and evaluate our options? Thanks
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