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wil2ss

Ing's 403b Plan

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Hi wil2ss,

To our regret, last year (AFT) American Federation of Teachers national union adopted ING/Etnea for the national 403b vendor. I was on the committee to decide which vendor to adopt. The committee told them about the fees and expenses. But same mantra is heard, educators need handholding. OK, but the unions fail to realize how expensive handholding is and that many educators who do participate really believe that the nice sales person is doing this for FREE. Unions don’t care because it is the educator who pays for this.

TIAA CREF was in third place. The research team who did an analysis of the various vendors were bias against TIAA CREF for good reason, nobody can compete with the costs of TIAA CREF.

Anyway, you heard it from the others here. STAY the heck away from anything having to do with ING and go with a low fee institution such as TIAA CREF or Vanguard.

Good luck,

Steve

 

 

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The AFT's hands are big-time filthy...in order to get the AFT ensorsement the selected carrier had to agree to buy advertising space in AFT publications. It is as simple as that. ING is such a carrier. It has nothing to do with individual service. A no-load provider's business plan does not allow for such paid "advertising". This is simply a highly UNETHICAL way for the AFT to raise revenue without raising union dues. SHAME SHAME ON THE AFT AND ALL THEIR STATE AFFILIATES THAT HAVE DONE THE SAME THING.

 

THIS IS THE NATURE OF THE 403(b) LAW/BEAST! IT ONLY REQUIRES A CONTRACT SIGNED BY THE CARRIER AND THE EMPLOYEE. THIS WOULD NOT HAPPEN IF SECTION 403(b) REQUIRED A PLAN DOCUMENT, PLAN ADMINISTRATOR AND A BOARD OF TRUSTEES, ETC.; AS A 457(b) PLAN DOES. So stay far, far, far away from 403(b) and use the 457(b). IF YOU DON'T HAVE A 457(b), D E M A N D IT ASAP!

 

Anyone who feels that good service/investment education is expensive please look at the Investment Plan of the Florida Retirement System or the Thrift Savings Plan of the federal government or the 457/401k Plan of the City of New York. The common denominator for all of them is the adoption of a formal PLAN etc.; as per the above. In other words employer involvement = low cost.

 

Peace and Hope,

Joel

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