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  • 403(b) and 457 Discussion Board
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Found 2 results

  1. I work for a suburban New Jersey school district with roughly 1500 employees. Our local association has established a working group to explore our 403(b) plan vendor choices as we want to effect positive change. I am a long-time member of this board but haven’t posted much and wanted to reach out to everyone today for your thoughts our working group is starting its work soon. Here is some background information. We have a TPA that the board hired after the IRS rewrote 403(b) regulations about 10 years ago. We have a handful of 403(b) vendors. Most offer either mutual funds or annuities at retail prices- the typical K-12 options. The TPA has an option to buy American Funds’ institutional class shares with no loads and fees somewhere in the range of 70 to 90 basis points. (In addition, the district has a single-vendor 457 plan which is administered by VOYA. I believe the options are annuities priced similarly to the typical K-12 products and may have deferred sales charges.) We would like to review our 403(b) vendor options as we work towards working with our board and business office. Can anyone share your experiences with Vanguard, Fidelity, or NEA Member Benefits working with K-12 districts? Or experiences with other vendors that proved favorable? Thanks, Jeff
  2. 1. First attempt - opened an account with Security Benefit, stopped contributions to AXA, started contributions to SB. Sent AXA paperwork with TPA paperwork to TPA to be forward to AXA requesting the exchange. Got a letter from AXA saying they needed new account provider signatures on the paperwork. No return of original paperwork. 2. Second attempt - sent AXA paperwork to SB with self-addressed stamped envelope, requested SB signatures so I could send to TPA to forward to AXA. No return of paperwork. SB sent a letter to AXA requesting fund transfer and cc'd me on the correspondence. AXA sent a letter saying no exchange because no TPA signatures. No return of original paperwork. 3. Round 3 - sent AXA paperwork with TPA paperwork with request to foward to SB. Attached all correspondence from SB and AXA to forward to SB. Attached letter requesting SB signatures & forward of all paperwork to AXA. Got a letter from SB stating request was sent to AXA about contract exchange & then a follow up letter asking about the length of time in completing exchange. No communication from AXA, but about a week ago, logging in to AXA online stopped showing contract information. Today, logging in to SB account showed account activity and "carrier to carrier" transfer of funds. Finally done... the whole process started about 5 months ago.
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