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Melissa

Ing Is My Only Choice

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My school district just informed us today that we only have ING to choose from as of Jan. 1! I am 55 and would like some opinions about what funds (if any- maybe I should quit our 403b now) to invest in. We put our money in one time a month and I have been contributing $1200 each month. Please help!

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Hi Melissa,

Please clarify, is ING the third party administrator with mutual funds to choose from or is ING the only vendor.

In any case, show us what is offered so then we can better help you.

Steve

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Hi Melissa,

Please clarify, is ING the third party administrator with mutual funds to choose from or is ING the only vendor.

In any case, show us what is offered so then we can better help you.

Steve

 

 

 

Our district called ING the "sole provider". I am getting fund information from ING next week, so that is when I will know what funds will be offered. I have an appt. with a rep. the week after. Thank you, Steve.

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My district offers a few different options.

ING is one. They only offer variable annuities for us. These are

packed with hidden fees and high fees.

 

An IRA may be a good choice if your AGI isn't so high that you can't get a deduction.

Here is a simple calculator to tell you which IRA you can use and how much is deductible:

http://www.smartmoney.com/personal-finance...a-options-9563/

Here is the IRS page with more details:

http://www.irs.gov/publications/p590/ch01.html#d0e1452

 

You can buy an IRA with Vanguard or Fidelity or one of the other low fee, low expense fund companies.

 

Also, push your district (get others to join you) to add a low cost option like Fidelity or American Century.

 

 

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Hi Melissa,

Please clarify, is ING the third party administrator with mutual funds to choose from or is ING the only vendor.

In any case, show us what is offered so then we can better help you.

Steve

 

 

 

Our district called ING the "sole provider". I am getting fund information from ING next week, so that is when I will know what funds will be offered. I have an appt. with a rep. the week after. Thank you, Steve.

 

 

 

Melissa,

Get back with the list from ING.

Steve

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Hi Melissa,

Please clarify, is ING the third party administrator with mutual funds to choose from or is ING the only vendor.

In any case, show us what is offered so then we can better help you.

Steve

 

 

 

Our district called ING the "sole provider". I am getting fund information from ING next week, so that is when I will know what funds will be offered. I have an appt. with a rep. the week after. Thank you, Steve.

 

 

 

Melissa,

Get back with the list from ING.

Steve

 

 

A rep. left a 150 page book/enrollment guide for me when I asked for more info. about funds! They have 33 products for us to choose from in the typical groups of funds that you would expect. I looked hardest at Eaton Vance Large-Cap Value Fund, ING Russell Large Cap Index Portfolio Class S, and River Source Diversified Equity Income Fund. They also have several asset allocation funds. I am really thinking they are going to have high fees. So here's a question- How much is too much in fees? The book gave rates of return on the products w/o fees of course. ING did admit to an average of 1.42% in fees. That seems like alot to me since my previous 403b did not charge extra fees.

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A rep. left a 150 page book/enrollment guide for me when I asked for more info. about funds! They have 33 products for us to choose from in the typical groups of funds that you would expect. I looked hardest at Eaton Vance Large-Cap Value Fund, ING Russell Large Cap Index Portfolio Class S, and River Source Diversified Equity Income Fund. They also have several asset allocation funds. I am really thinking they are going to have high fees. So here's a question- How much is too much in fees? The book gave rates of return on the products w/o fees of course. ING did admit to an average of 1.42% in fees. That seems like alot to me since my previous 403b did not charge extra fees.

 

 

Hi Melissa,

I am so shocked, again, to learn that the rep gave you 150 page book, 150 PAGES! and the most important fact was omitted! Seriously, if the employees did not have you to look out for them, they would be paying those horrible fees and not know it.

 

Yes, you are correct, 1.42% in fees is high.

Steve

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A rep. left a 150 page book/enrollment guide for me when I asked for more info. about funds! They have 33 products for us to choose from in the typical groups of funds that you would expect. I looked hardest at Eaton Vance Large-Cap Value Fund, ING Russell Large Cap Index Portfolio Class S, and River Source Diversified Equity Income Fund. They also have several asset allocation funds. I am really thinking they are going to have high fees. So here's a question- How much is too much in fees? The book gave rates of return on the products w/o fees of course. ING did admit to an average of 1.42% in fees. That seems like alot to me since my previous 403b did not charge extra fees.

 

 

If I was you I would consider all other options outside of the 403b. You can fund IRA's if your income fall below the limits with a much cheaper company. If you do end up in the 403b program be sure to ask about surrender charges because you are getting close to the end of your working life.

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