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Eagle10

403b Ending

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Can someone answer what happens to money invested in a 403b that will no longer be supported by my school district. I have invested in Oppenheimer Funds (the best option believe me as we don't have many positives to choose from) and was notified that they will no longer be a part of the new vendor list. My school is going with CPI group. Can I transfer money invested? Do I leave it sit? Advice please.

 

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I would say if your school's plan doc allows you can contract exchange the monies to one of the vendors that will be approved.

 

You should also, if it is the better choice for those monies already invested, be able to leave the monies with Oppenheimer. You will lose the ability to add more and most likely will not access to loan or hardship capability within that account. Those would be questions to pose to Oppenheimer.

 

Did they provide reason to why Oppenheimer will no longer be a part of the plan?

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Is CPI the only investment option? If they are then you should be able to continue to use Oppenheimer through what they call their investment sleeve. CPI may be just the TPA on your employers plan. You need to find out what your options are. Either your employer or CPI should be able to tell you.

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All --

I'm just guessing that CLJ17 works for Lincoln Financial. Whaddya think? Lincoln Financial has done a lot of work in the area of the new 403b regs, and is one of the companies that got on board designing the generic compliance forms (is that the right term?) for ASBO, thus getting in on the ground floor. That team of firms also included AXA and ING, if I recall correctly. And some other firms. These guys are good at figuring out how to pull in business, and they correctly figured out how to get in early with Business Office folks, most of whom are apparently naive about investing.

 

Of course, Fidelity, Vanguard, TRPrice and other no-load firms did NOT make this big effort... perhaps because they make a much lower %age off 403b contributions.

 

Once again, the little people who understand investing issues are screwed. It ain't pretty. But maybe CLJ17 will take us for another ride -- on his yacht?

 

JudyS

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All --

I'm just guessing that CLJ17 works for Lincoln Financial. Whaddya think? Lincoln Financial has done a lot of work in the area of the new 403b regs, and is one of the companies that got on board designing the generic compliance forms (is that the right term?) for ASBO, thus getting in on the ground floor. That team of firms also included AXA and ING, if I recall correctly. And some other firms. These guys are good at figuring out how to pull in business, and they correctly figured out how to get in early with Business Office folks, most of whom are apparently naive about investing.

 

Of course, Fidelity, Vanguard, TRPrice and other no-load firms did NOT make this big effort... perhaps because they make a much lower %age off 403b contributions.

 

Once again, the little people who understand investing issues are screwed. It ain't pretty. But maybe CLJ17 will take us for another ride -- on his yacht?

 

JudyS

 

Yacht? I have a pop up camper I cannot afford a Yacht! I do not work for Lincoln Financial. I would not work for an insurance company. Sorry if I couldn't be a target for you. I believe people should invest in mutual funds and not annuities!

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I too find it very hard to believe that CLJ17 is an unbiased party when it comes to Lincoln. However, I will say that based on conversations with those in the industry, Lincoln is improving. I believe the new regs are playing a large part in their migration from an annuity platform to a mutual fund platform. I think they see very clearly that 403(b) business as usual is not going to cut it.

 

Dan Otter

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If I were biased why would I have informed the Oppenheimer investor above that he may be able to use them through CPI? He just needs to do some homework. How is that biased? I provided factual information. I also did not comment on Lincoln Financial by the way I know they offer annuities. Lincoln Investment, who I commented on, is a broker dealer that has a 403(b)7 custodial platform which means they offer mutual funds in their accounts. Once again factual information not biased in anyway. Isn't the program here mutual funds and not annuties? All I did was try to answer some questions that some folks had. In no way am I to benefit in anyway with what they choose to do. I thought that is what this is supposed to be about. The poor gut who had Ivy funds never will get to see my post to try and help him that's a shame it was deleted. This will be my last post on this website as I find it that it is not intended for people to get factual information but a place to vent more than anything! I wish you all the best!

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CLJ17,

 

Its not tough to spot someone who is working to promote something and you were caught, just fess up. I logged on this morning and counted 4 or 5 posts that said nearly the same thing - all touting Lincoln.....hmmm, yea, you probably don't have an affiliation with them. The question has to be asked - do you really believe we are all that stupid?

 

You are welcome on the site, but not as a serial poster and shill for Lincoln.

 

ScottyD

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CLJ17,

I also noticed the posts touting Lincoln. This is another version of the efficient market hypothesis at work, only this time the EMH exposed the lastest information and posting pattern of posters.

Steve

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CLJ17,

 

Its not tough to spot someone who is working to promote something and you were caught, just fess up. I logged on this morning and counted 4 or 5 posts that said nearly the same thing - all touting Lincoln.....hmmm, yea, you probably don't have an affiliation with them. The question has to be asked - do you really believe we are all that stupid?

 

You are welcome on the site, but not as a serial poster and shill for Lincoln.

 

ScottyD

 

 

Just posted factual information Scottyd. It doesn't appear that this is a place for factual information. I have seen a lot of mis-information in these postings. I do not like mis-information I prefer factual information. In no way did I post anything that wasn't factual or true. Tried to help people who sought help. The guy who was dissapointed that he would not be able to use Ivy Funds any longer had a concern. Is it so wrong to know of a firm that he could use and continue with Ivy funds. Ivy funds happen to be pretty good funds. Maybe the guy who had Ivy funds would have been appreciative to know there was a solution to his concern. Is that a bad thing? I seek to help people in everything I do in life and put their interests ahead of my own it is what my faith has taught me to do. I mean let's take a peek at the reply to me where Judy said let's take a ride on CLJ17's Yacht. Come on is that what a person that tries to help people deserves?

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CLJ17,

I also noticed the posts touting Lincoln. This is another version of the efficient market hypothesis at work, only this time the EMH exposed the lastest information and posting pattern of posters.

Steve

 

 

 

I might agree with you if I were to benefit some way for touting Lincoln as you call it. How do I benefit from pointing someone in a direction that may solve their problem. I don't know them nor did I ask to know them. Would you prefer that nobody offer solutions to concerns that others have? Why did I tell the Oppenheimer guy that he might be able to use Oppenheimer with CPI. How does that show I am touting Lincoln? Wouldn't I have said he can use Lincoln to continue with Oppenheimer?

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Give me a break, are you serious?

 

Five posts all about lincoln in one day within probably a half hour of each other and you don't understand why we are skeptical?

 

Why did you suddenly respond to nearly every post with the same answer of Lincoln, regardless of the question?

 

Your accusations fall flat.

 

If you've got nothing to hide and you don't work for Lincoln....fine, but you sure sounded (and sound) like a shill for Lincoln. Who are you really?

 

ScottyD

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Give me a break, are you serious?

 

Five posts all about lincoln in one day within probably a half hour of each other and you don't understand why we are skeptical?

 

Why did you suddenly respond to nearly every post with the same answer of Lincoln, regardless of the question?

 

Your accusations fall flat.

 

If you've got nothing to hide and you don't work for Lincoln....fine, but you sure sounded (and sound) like a shill for Lincoln. Who are you really?

 

ScottyD

 

 

Ok here is who I am. I am a person who has been in the 403(b) business for over 22 years. I know the major players in it and how they work. I truly like helping people and have always put others ahead of myself. I am sorry if it appeared that I was touting Lincoln Investment. Please make sure you do not say Lincoln Financial as they are two totally separate companies. In no way was I looking to benefit from providing information on how Lincoln Investment works. I know I will get slammed some more for this but you asked who I am. It's easy to be excited about being with a firm who has the perspective of offering mutual funds and not annuities to their 403(b) participants. I felt the mode here was in favor of mutual funds and had no idea that I would be offending anyone. I am sorry if I offended anyone in my mentioning Lincoln Investment Planning. I know the full extent of the rules and reg changes as I have been entrenched with them for two years now. I know why some of the mutual fund comanies have done what they have done as well. There are many people upset about it that's for sure. Honestly I do not have a Yacht! I hope that clears the air. If I'm not welcomed I understand and will not post anymore about Lincoln Investment as I truly will not benefit from it. But I believe I can contribute when it comes to how everything works in the 403(b) world because I have seen it all!

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CLJI7,

 

 

Welcome to the board. I am enjoying your contributions. Differing opinions are important to the credibility

of this site. I would just warn you however the folks here are pretty smart.

 

 

Tony

 

 

 

 

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Give me a break, are you serious?

 

Five posts all about lincoln in one day within probably a half hour of each other and you don't understand why we are skeptical?

 

Why did you suddenly respond to nearly every post with the same answer of Lincoln, regardless of the question?

 

Your accusations fall flat.

 

If you've got nothing to hide and you don't work for Lincoln....fine, but you sure sounded (and sound) like a shill for Lincoln. Who are you really?

 

ScottyD

 

 

Ok here is who I am. I am a person who has been in the 403(b) business for over 22 years. I know the major players in it and how they work. I truly like helping people and have always put others ahead of myself. I am sorry if it appeared that I was touting Lincoln Investment. Please make sure you do not say Lincoln Financial as they are two totally separate companies. In no way was I looking to benefit from providing information on how Lincoln Investment works. I know I will get slammed some more for this but you asked who I am. It's easy to be excited about being with a firm who has the perspective of offering mutual funds and not annuities to their 403(b) participants. I felt the mode here was in favor of mutual funds and had no idea that I would be offending anyone. I am sorry if I offended anyone in my mentioning Lincoln Investment Planning. I know the full extent of the rules and reg changes as I have been entrenched with them for two years now. I know why some of the mutual fund companies have done what they have done as well. There are many people upset about it that's for sure. Honestly I do not have a Yacht! I hope that clears the air. If I'm not welcomed I understand and will not post anymore about Lincoln Investment as I truly will not benefit from it. But I believe I can contribute when it comes to how everything works in the 403(b) world because I have seen it all!

 

 

Interesting how you managed to get the term "Lincoln Investments" mentioned four times in a matter of a paragraph. We already knew who you were, you made that obvious. The problem we have is that this board is not designed for career agents to hawk their wares - it is designed to help and inform people. We have no problem with you answering questions or even posing questions. However, if the answer to every one of your questions is "LI" then I would suggest you are not welcome here.

 

Add value without hawking stuff and you'll be welcomed.

 

As for your assertions about the altruistic nature of Lincoln Investments, I happen to know that altruism is not one of their virtues.

 

ScottyD

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