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SLMines

403(b) But No Plan/vendors!

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I need some help! Our school district offers deductions to a 403(b) - however, they offer no specific choice of vendors, or any help whatsoever.

 

My payroll person told me to "start an account, and bring me the form for your payroll deduction". The only documentation available is a short description of a 403(b) plan, which also says "the district will not endorse any TSA vendor; however, our district accepts 403(b) deductions from any new or existing vendors. For more details, please consult your financial advisor." They will not even give us a list of existing vendors!

 

I would like to put some money in a mutual fund-type 403(b), but am unclear how to get started. Any help is appreciated!

 

 

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Sounds as if the world is your oyster.

 

Call up Vanguard or TIAA CREF and get the papers they will accept so your school district will send them direclty your money as a payroll deduction to your 403(b).

 

Lacking the ability to do that, just start a Roth IRA with a no-load, low cost mutual fund. I'd suggest you think in terms of creating an emergency fund first and them read up on investing. Mutual Funds for Dummies is a great for newbies to begin. We were are dummies at the beginning--so don't take the title personally.

 

Ted

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You might also consider T Rowe Price and/or Dodge and Cox. These companies are also highly respected with low cost high quality mutual funds.

Edd

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Guest Patrick

Ted's rec. vs. Ed's rec. basically come down to whether you like passive funds (Vanguard or TIAA-CREF) or active funds (Dodge and Cox and T.Rowe). These four companies are probably the lowest cost places in the market. All you need to do is choose index vs. active and then pick one. Good luck.

Pat

 

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