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Baltimore County Chooses...

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... AIG Retirement, ING Life Insurance & Annuity Co., Lincoln Financial Group, MetLife Resources and Security Financial Resources & Security Distributors Inc. after rejecting single vendor.

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Sad that these teachers equate "choice" with quality: "Several said they wanted to have choices." Too bad they don't equate quality with quality. You can only shake your head...

 

Dan Otter

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Dan,

 

###### were you right when you said things would get worse before they would get better under the new regs.

 

Still haven't heard from my school system about Vanguard yet or when Security Benefit takes the reins.

 

 

Tony

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... AIG Retirement, ING Life Insurance & Annuity Co., Lincoln Financial Group, MetLife Resources and Security Financial Resources & Security Distributors Inc. after rejecting single vendor.

---

Sad that these teachers equate "choice" with quality: "Several said they wanted to have choices." Too bad they don't equate quality with quality. You can only shake your head...

 

Dan Otter

 

Dan,

 

Will any of those companies offer low cost/no load/index funds? Or is it the usual garbage?

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ap,

 

I just don't know. But since there are five companies generally known for high fees and annuity products, it's hard to see how they would offer mutual funds and lower costs, which is something some of these companies have been known to do (to a degree) when forced to compete or when they are the sole or one of only a few vendors. What's sad is that Baltimore is home to T. Rowe Price.

 

Dan Otter

 

 

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ap,

 

I just don't know. But since there are five companies generally known for high fees and annuity products, it's hard to see how they would offer mutual funds and lower costs, which is something some of these companies have been known to do (to a degree) when forced to compete or when they are the sole or one of only a few vendors. What's sad is that Baltimore is home to T. Rowe Price.

 

Dan Otter

 

Pretty ironic.

 

Oddly enough, I have seen an excellent ING 457 plan for the state of Connecticut. It charges only .12, and it has access to Vanguard institutional index funds. So ING CAN provide a low-cost plan, but I would guess that this is the rare exception, and not the rule. For the Connecticut plan:

 

http://www6.ingretirementplans.com/Sponsor...icut/index.html

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When I was offering presentation about the perils of the 403(b) in my district a teacher came, who then switched to Vanguard, and who is now our Union President and he is totally on board with making sure our district maintains a low cost provider in whatever plan they come up with. A board member at the time also came because she was a college professor with access to a 403(b) and she has since become our Board President and she is on board with maintaining low cost choices.

 

All that said, our new business administrator has informed me that when he gets up to speed on the new regs we will be meeting to work together to establish a new plan that meets the new regs and is satisfactory to the teachers.

 

My fingers are crossed, but the message is to get out there now and advocate for low cost providers before it's too late. If you make enough noise they will listen. Go to a Board Meeting and make your voice heard. If you sit back and do nothing, don't be surprised if your plan stinks.

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... AIG Retirement, ING Life Insurance & Annuity Co., Lincoln Financial Group, MetLife Resources and Security Financial Resources & Security Distributors Inc. after rejecting single vendor.

---

Sad that these teachers equate "choice" with quality: "Several said they wanted to have choices." Too bad they don't equate quality with quality. You can only shake your head...

 

Dan Otter

 

 

This appears to be an NEA union school district. The NEA program does have a no load mutual fund do it yourself program with limited funds and low expenses. Security Distributors is the mutual funds of Security Benefit. They actually have a few good funds.

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