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brianb

Can We Offer A 457(b) Plan To Our Employees?

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I'm the CEO of a charter school in Southern California. The school is its own LEA and currently offers 403(b) through multiple approved vendors.

 

Are we able to offer a 457(b) plan to our employees? If so, what would be the next steps?

Is there a site for 457(b) plans comparable to the 403bcompare.com site?

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Guest Sierra

I'm the CEO of a charter school in Southern California. The school is its own LEA and currently offers 403(b) through multiple approved vendors.

 

Are we able to offer a 457(b) plan to our employees? If so, what would be the next steps?

Is there a site for 457(b) plans comparable to the 403bcompare.com site?

 

 

Please furnish the approved 403b vendors.

 

Joel

 

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I'm the CEO of a charter school in Southern California. The school is its own LEA and currently offers 403(b) through multiple approved vendors.

 

Are we able to offer a 457(b) plan to our employees? If so, what would be the next steps?

Is there a site for 457(b) plans comparable to the 403bcompare.com site?

 

 

Please furnish the approved 403b vendors.

 

Joel

 

 

 

 

403bCompare ID Vendor Name

1056 A I M Distributors, Inc

1035 Americo Financial Life and Annuity Insurance Company

1041 Ameriprise Financial Inc.

1021 Aviva Life Insurance Company

1067 AXA Equitable Life Insurance Company

1097 CalSTRS

1092 Great American Life Insurance Company

1135 Industrial-Alliance Pacific Life Ins Co, US Branch

1060 ING Life Insurance & Annuity Company

1108 Jackson National Life Ins. Co.

1046 Jefferson-Pilot Life Insurance Company

1036 Life Insurance Company of the Southwest

1024 Metropolitan Life Insurance Co -aka - MetLife, MetLife Investors, MetLife Resources

1043 Midland National

1144 Nationwide Life Insurance Company

1083 New York Life Ins. & Annuity Corp.

1121 Oppenheimer Funds Distributor, Inc

1171 Paul Revere Variable Annuity Insurance Company

1127 PlanMember Services Corp

1038 Thrivent Financial for Lutherans

1160 Transamerica Life Insurance Company

1073 Travelers Life & Annuity

1090 United Teacher Associates Insurance Company

1142 USAA Investment Management Company

1102 Vanguard Group, The

 

 

We have the ability to add others and do as the need or request arises.

Brian

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Guest Sierra

Brian: Who advised you to place 25 investmemt providers on your menu? Do you buy office supplies from 25 vendors? I trust you get my point. Except for the last two all your vendors are commissioned based...taking about 2 percent from every contribution your employees make...are you aware of this fact?

 

Joel

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Joel,

Our employees requested these vendors given their respective history with the vendor. We add others from 403b compare as employees request.

Please let me know if you're able to assist with my 457(b) questions.

Thanks.

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Guest Sierra

Joel,

Our employees requested these vendors given their respective history with the vendor. We add others from 403b compare as employees request.

Please let me know if you're able to assist with my 457(b) questions.

Thanks.

 

 

Brian: I'm sure if you went to any of the 25 vendors they could give you your answers. More importantly do you know what an M&E fee is and do you tell those that contribute to an annuity that this fee may represent more than half of the 2 cents referred to in a prior post? Or do you leave it up to the insurer's rep to communicate this essential information to the teacher? Do you feel your fiduciary responsibility is fully discharged just by adding vendors per employees request?

 

Peace and Hope,

Joel

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Joel,

Our employees requested these vendors given their respective history with the vendor. We add others from 403b compare as employees request.

Please let me know if you're able to assist with my 457(b) questions.

Thanks.

 

 

Brian: I'm sure if you went to any of the 25 vendors they could give you your answers. More importantly do you know what an M&E fee is and do you tell those that contribute to an annuity that this fee may represent more than half of the 2 cents referred to in a prior post? Or do you leave it up to the insurer's rep to communicate this essential information to the teacher? Do you feel your fiduciary responsibility is fully discharged just by adding vendors per employees request?

 

Peace and Hope,

Joel

 

 

 

Thanks Joel for ALL your help! I'll be sure to pass your sage advice along to all our empoloyees.

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Guest Sierra

 

 

Joel,

Our employees requested these vendors given their respective history with the vendor. We add others from 403b compare as employees request.

Please let me know if you're able to assist with my 457(b) questions.

Thanks.

 

 

Brian: I'm sure if you went to any of the 25 vendors they could give you your answers. More importantly do you know what an M&E fee is and do you tell those that contribute to an annuity that this fee may represent more than half of the 2 cents referred to in a prior post? Or do you leave it up to the insurer's rep to communicate this essential information to the teacher? Do you feel your fiduciary responsibility is fully discharged just by adding vendors per employees request?

 

Peace and Hope,

Joel

 

 

 

Thanks Joel for ALL your help! I'll be sure to pass your sage advice along to all our empoloyees.

 

.

 

Brian: I have given you a direct answer to your questions about whether or not your employer may establish a 457(b). It is apparent though that you do not wish to answer some reasonable questions. You should know that a discussion board like this one is just not here to answer questions without some additional thought provoking questions that not only the original poster (you) can benefit from but the public at large as well. Notwithstanding your sarcasm I wish you and your Charter School well.

 

Peace and Hope,

Joel L. Frank

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