Jump to content
Sign in to follow this  
petej

457 Plan Stinks/what Are My Options?

Recommended Posts

I work for a small county in MICHIGAN. We have a 457 plan with 2 providers that are both expensive. The expensive providers shall remain nameless here but can be found all over this 457 forum.

 

So, I called FIDELITY today. Fidelity now requires my county to have at least 10 participants and $500,000.00 before they will be a provider. I don't know if I can muster up this much support. (Though the benefits are obvious of switching to FIDELITY, try convincing other people of that)

 

Are there any other options for me/my county?

 

Convince my employer it is their fiduciary duty to the employees to get a better plan and switch everyone?

 

Are there other investment methods that could be used by my county? E.g., 401k, 403, etc.

 

For the last few years, I've been funding my ROTH to the max every year and any extra money goes to various mutual funds with VANGUARD and FIDELITY. I refuse to put any more money into the 457.

 

Any thoughts would be appreciated.

 

 

Share this post


Link to post
Share on other sites

petej, you need to be the squeaky wheel or nothing will change. Send me an email (PM) and I will show you how I am trying to add at least one low cost provider to the existing 4 I have access to. I can not post a jpeg to this board so (via email) I can show you how I did an apples to apples comparsion of our providers. I only check this board about twice a week so if may take me a while to get back to you!

 

Small agency's generally have low assets, lack of employee interest and HR/Admin probably thinks two plans are better than one! I have access to 4 plans, but expenses are greater than 100bps so my employer does not offer a true low cost plan.

 

Also, see this link http://bwise.ibforums.com/index.php?showtopic=2461

 

 

Good luck and keep us posted!

Share this post


Link to post
Share on other sites

I work for a small county in MICHIGAN. We have a 457 plan with 2 providers that are both expensive. The expensive providers shall remain nameless here but can be found all over this 457 forum.

 

 

Pete,

 

See if your district can opt in to the MI state 457 plan. It is an excellent plan that includes no load index funds with very low fees.

 

Go to the following site:

 

https://stateofmi.csplans.com/csinfo/planin...fmi.csplans.com

Share this post


Link to post
Share on other sites
Guest Sierra

I work for a small county in MICHIGAN. We have a 457 plan with 2 providers that are both expensive. The expensive providers shall remain nameless here but can be found all over this 457 forum.

 

Pete,

 

See if your district can opt in to the MI state 457 plan. It is an excellent plan that includes no load index funds with very low fees.

 

Go to the following site:

 

https://stateofmi.csplans.com/csinfo/planin...fmi.csplans.com

 

Pete: When you find out about the Michigan plan please post it up so that I could add it to OUR list of the states.

 

Thanks,

Joe

 

Share this post


Link to post
Share on other sites

I'll call them today and see if they are willing. But, I'm county and they are state so I don't know if it will work.

 

Thank you for your responses and assistance.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

×
×
  • Create New...