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njteach

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Everything posted by njteach

  1. Thank you for your response. I will pass along the information about ASPire. I agree, low cost, no load funds are the way to go. Regarding a 457 plan, I would think that any funds that are considered for a 403(b) plan would also be used in for a 457 plan. I admit I am not as familiar with 457 plans.
  2. I'm looking for some sage advice. My district is thinking about hiring a TPA. In the past, it had used "no cost" TPAs, companies selling annuities in the district. Omni's name has come up, but I have been following the comments about Omni and the issue of "preferred" vendors. Any recommendations? Also is there a TPA that works with Vanguard? Thank you
  3. hi Joel-He answered it but really could not give me any information. His director was going to try and find out more information and I should contact him (Phil) every 1 or 2 months to remind him of the question-when SACT I switching to ACTS.
  4. I am attending the meeting with the hope that we can speed up the transition of the tax sheltered part of SACT program to ACTS so teachers have opportunity to invest in TIAA-Creff. Personally, the post tax part of SACT would not work for me but I would be happy to support it to help those that are in that situation. I was part of a group of teachers that tried to keep Vanguard in our school district and we were unsuccessful. The school board's lawyer and the business administrator blocked us. I am so angry that such poor choices are offered to me and other teachers. I am tired of being angry and not being able to do anything about it. I'm really hoping that we can make a difference.
  5. Joel- I will see you at the meeting on Tuesday Dec 3. Hoping to see some other NJ teachers there. OK I'm getting inspired: Never doubt that a small group of thoughtful committed citizens can change the world; indeed, it's the only thing that ever has. -Margaret Meade
  6. I would be interested in getting together with people to work on getting SACT changed.
  7. Below this is the info that PLominico sent me. In my reply I asked that NJEA work to get SACT more transparent and add more options like Vanguard. STATE OF NEW JERSEY DIVISION OF PENSIONS AND BENEFITS Notes to Financial Statements, Continued June 30, 2010 (3) INVESTMENTS The Pension funds’ investments as of June 30, 2010 are as follows: Cash management funds $ 3,641,665,562 Domestic equities 16,488,740,691 International equities 12,768,261,159 Domestic fixed income 19,933,985,342 International fixed income 2,502,077,223 Bank loan funds 1,071,419,455 Police and Firemen’s mortgages 1,305,728,863 Private equity funds 4,219,334,445 Real estate funds 1,875,718,683 Absolute return strategy funds 3,377,238,284 Real assets 997,115,205 U.S. government and agency obligations 367,895,678 Other fixed income securities 509,629,453 Other 842,706,884 $ 69,901,516,927 New Jersey state statute provides for a State Investment Council (Council) and a Director. Investment authority is vested in the Director of the Division of Investment and the role of the Council is to formulate investment policies. The Council issues regulations which establish guidelines for permissible investments which include domestic and international equities and exchange traded funds, covered call and put options, equity futures contracts, obligations of the U.S. Treasury, government agencies, corporations, international governments and agencies, bank loans, interest rate swap transactions, credit default swaps, fixed income exchange traded funds, U.S. Treasury futures contracts, state and municipal general obligations, public authority revenue obligations, collateralized notes and mortgages, commercial paper, certificates of deposit, repurchase agreements, bankers acceptances, guaranteed income contracts, funding agreements, money market funds, private equity funds, real estate funds, other real assets, absolute return strategy funds, and the State of New Jersey Cash Management
  8. I will put together a letter for this. Believe me, I have tried to educate people at my school. I did get the link that you posted on the SACT program-however it raised more questions than it answered: Why did the fund do so poorly in 2011-2012 when it has such amazing results in 2010-2011? All administrative costs are funded by the state? Are there other costs not funded by the state?
  9. Jeff the teacher- I sent an email to the 403b contact person for NJEA, hoping that he could answer some questions about the sact program npnret- Every now and then I look into sact and try to figure out what I can decipher from the state website and I just get frustrated. All the information is vague. The sact fund seems to increasing in value, if the sact unit values can be considered as share prices. There are no details whatsoever.
  10. Ok Joel, I'll bite. I sent an email name on the 403b section of the NJEA website last week- PLomonico@NJEA.org Any other ideas?
  11. I tried calling Ed Wade at 609-777-0887-no luck -it directs you press #2 for SACT. After waiting for 20 minutes I spoke with a woman who did not know anything about SACT. Ed seems to be mia
  12. Hi Joel Bear with me-I've been following your posts on the NJ SACT and have some questions. From what I understand from your past posts is that the SACT is a program with a lot of possibilities; but if only the state would offer more choices rather than one fund. When I looked at the state site during the summer, it showed information on sact unit values- is this like the share price? Do I compute the performance of the fund by treating the unit values as a share price? I have been contributing to a Roth IRA with Vanguard since Vanguard was dropped from my district but I would be interested in putting pretax (at least federal pretax) money away. I was also hoping the TIAA Cref would be available by now. You stated in your post that the SACT program invested in an S and P 500 type fund-where did you find that information on the state site/ thank you
  13. Greenwich3-In our district, the lawyer and the board of ed had a problem with Vanguard because Vanguard would not sign an agreement with the district that stated Vanguard would be responsible for any mistakes made by payroll and would agree to pay any fines or penalties if the district made a mistake.
  14. Regarding Greenwich3-Congratulations on getting Vanguard in your district. A group of us tried to get Vanguard into our district but we were s down by the board of education lawyer. He recommended that the board not use Vanguard. I am continuing to invest in a Roth IRA through Vanguard. I was hoping that TIAA CREF would be available by now to public school teachers. Interesting point I want to add-this is according to my sister in law who works in Pennsylvania- PSEA lobbied to get Vanguard back into their school districts by working out an agreement with a 3rd party administrator that works for many Pennsylvania school districts. Our third party administrator in my NJ district? One of the insurance companies-they are working for "free" while overseeing the 403 (b) plans. I wish NJEA would do more to advocate for us!
  15. My school district currently offers 403b plans through Valic, ING and Lincoln. Many of us invested with Vanguard in the past but the school district dropped Vanguard with the changes in the regs. I spoke with the new business administrator and he seems sympathetic and willing to look at other companies. What companies do you recommend? Reading over the board posts, it looks like TIAA-Cref is recommended. Any others? The district is looking into hiring a third party administrator-I am giving the business administrator information on EAS-the company that worked out an agreement with PSEA. Thank you in advance
  16. I would be interested in speaking to the reporter. My district only offers investments through the typical insurance companies. I just went through the process of speaking to their agents but just could not bring myself to sign to their programs because of the excessive fees and "nontransparency." Although I did not sign up, I could certainly relate my experiences.
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