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StevieRayClapton

Mind Boggeling Ignorance

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I just set up my wifes 457B thru Nationwide purchasing Fidelity Contrafund. Today, the county auditor brought her a sign up /transfer for AXE Equitable. She told my wife that "We are not using Nationwide much anymore, we are using AXE." She did qualify this to state that since my wife was already signed up she could continue with Nationwide. Yes, I realize that Nationwide has its share of problems but the ONLY product AXE offers is different Variable Annuities. ... blechh!

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Guest Skeptical

 

Is the Nationwide plan through their VA channels? Or their mutual fund platform?

 

 

 

It is thru their mutual fund platform. I got the prospectus and can not find any fees other than the actual fund fees.

 

 

Respectfully,

 

The prospectus for the individual fund? I think you mentioned the Fidelity Contrafund. There are certainly other costs. What other disclosure documents have you reviewed?

 

Cheers,

 

Jim

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Is the Nationwide plan through their VA channels? Or their mutual fund platform?

 

 

 

It is thru their mutual fund platform. I got the prospectus and can not find any fees other than the actual fund fees.

 

 

Respectfully,

 

The prospectus for the individual fund? I think you mentioned the Fidelity Contrafund. There are certainly other costs. What other disclosure documents have you reviewed?

 

Cheers,

 

Jim

 

Just by way of information, 457 plans can buy anything. Governmental plans have to set up a trust, annuity or custodial account, but the trust or custodial account can buy pretty much anything. (State law fiduciary duties apply if it's a trust, but not if it's custodial, so the trust has to be written to clearly require pass-through of investment authority.)

 

Tom Geer

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Guest Sierra

 

 

 

Is the Nationwide plan through their VA channels? Or their mutual fund platform?

 

 

 

It is thru their mutual fund platform. I got the prospectus and can not find any fees other than the actual fund fees.

 

 

Respectfully,

 

The prospectus for the individual fund? I think you mentioned the Fidelity Contrafund. There are certainly other costs. What other disclosure documents have you reviewed?

 

Cheers,

 

Jim

 

 

 

Just by way of information, 457 plans can buy anything. Governmental plans have to set up a trust, annuity or custodial account, but the trust or custodial account can buy pretty much anything. (State law fiduciary duties apply if it's a trust, but not if it's custodial, so the trust has to be written to clearly require pass-through of investment authority.)

 

Tom Geer

 

 

Tom:

 

Is this the legal authority behind the Deferred Compensation Plan of the City of New York using the "Separately Managed Account" for their investment choices rather than mutual funds?

 

Thanks,

Joel

 

 

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Is the Nationwide plan through their VA channels? Or their mutual fund platform?

 

 

 

It is thru their mutual fund platform. I got the prospectus and can not find any fees other than the actual fund fees.

 

 

Respectfully,

 

The prospectus for the individual fund? I think you mentioned the Fidelity Contrafund. There are certainly other costs. What other disclosure documents have you reviewed?

 

Cheers,

 

Jim

 

 

 

Just by way of information, 457 plans can buy anything. Governmental plans have to set up a trust, annuity or custodial account, but the trust or custodial account can buy pretty much anything. (State law fiduciary duties apply if it's a trust, but not if it's custodial, so the trust has to be written to clearly require pass-through of investment authority.)

 

Tom Geer

 

 

Tom:

 

Is this the legal authority behind the Deferred Compensation Plan of the City of New York using the "Separately Managed Account" for their investment choices rather than mutual funds?

 

Thanks,

Joel

 

Probably. You may have trouble actually seeing the trust.

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