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JudyS

Nea Info Rec'd Today

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Fellow Travellers on the rocky road to retirement: I received this in an email from NEA today -- as did most of you, presumably. I am wondering whether they are comfortable with their position vs. the Daniels-Hall lawsuit against them.... In any case, this was interesting reading (if disappointing and disgusting, in the end) :

 

Finding a knowledgeable source for help with your retirement investing can be an exercise in frustration. NEA Valuebuilder® is making it easier with an online representative locator. With a few clicks of the mouse, you can look for an NEA Valuebuilder representative in your area. At the

NEA Valuebuilder Advisor-Assisted Web page (http://nea.securitybenefit.com/neavaluebuilder/advisorassisted.htm), our representative locator will quickly provide contact information for help with retirement planning.

 

Whether you are nearing retirement or already there, an NEA Valuebuilder representative can assist you conveniently by phone, email or in person with preparing for your retirement income needs. Do you need to rollover an existing retirement account into an IRA? Perhaps you’re looking for a steady ###### of income for the rest of your life. An NEA Valuebuilder representative can help you with these important decisions.

 

When you need help with your financial planning for retirement, finding a knowledgeable

NEA Valuebuilder representative is now just a few clicks away at http://nea.securitybenefit.com/neavaluebui...sorassisted.htm. Take a look right now.

 

 

 

You should carefully consider the investment objectives, risks, and charges and expenses of the mutual funds and variable annuities available under the NEA Valuebuilder Program before investing. You may obtain a prospectus that contains this and other information about the mutual funds and variable annuities by calling our National Service Center at 1-800-NEA-VALU (632-8258). You should read the prospectus carefully before investing. Investing in variable annuities and mutual funds involves risk and there is no guarantee of investment results.

 

The NEA Valuebuilder Program provides investment products (the “NEA Valuebuilder products”) in connection with retirement plans sponsored by school districts and other employers of NEA members and individual retirement accounts established by NEA members. Security Distributors, Inc. and certain of its affiliates (collectively “Security Benefit”) make the NEA Valuebuilder products available under this program pursuant to an agreement with NEA’s wholly-owned subsidiary, NEA’s Member Benefits Corporation (“MBC”). Security Benefit has the exclusive right to offer the NEA Valuebuilder products under the program, and MBC generally may not enter into arrangements with other providers of similar investment programs or otherwise promote to NEA members or their employers any investment products that compete with the NEA Valuebuilder products. MBC promotes the program to NEA members and their employers and provides certain services in connection with the program. Security Benefit pays an annual fee to MBC based in part on the average assets invested in the NEA Valuebuilder products under the agreement. You may wish to take into account this agreement and arrangement, including any fees paid, when considering and evaluating any communications relating to the NEA Valuebuilder products. NEA and MBC are not affiliated with Security Benefit. Neither NEA nor MBC is a registered broker-dealer. All securities brokerage services are performed exclusively by your sales representative’s broker-dealer and not by NEA or MBC.

 

The NEA Valuebuilder Variable Annuity TSA, Contract Form No. V6029, also includes a Fixed Account. The NEA Valuebuilder Variable Annuity TSA is distributed by Security Distributors, Inc. and is issued by Security Benefit Life Insurance Company. The NEA Valuebuilder 403(b)(7) is a Custodial Account under §403(b)(7) of the Internal Revenue Code. The NEA Valuebuilder Mutual Fund 457 is a Trust Account under §457 of the Internal Revenue Code. The NEA Valuebuilder IRA is an IRA Custodial Account under §408(a) of the Internal Revenue Code.

 

Annuities are long-term investments suitable for retirement.

 

 

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The key part of that is:

 

"Security Benefit pays an annual fee to MBC based in part on the average assets invested in the NEA Valuebuilder products under the agreement."

 

It's the ol' pay for play, and NEA is shamefully complicit in this.

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The key part of that is:

 

"Security Benefit pays an annual fee to MBC based in part on the average assets invested in the NEA Valuebuilder products under the agreement."

 

It's the ol' pay for play, and NEA is shamefully complicit in this.

 

 

Yep, sound like the ole revenue sharing (sharing the bounty from the unaware NEA members among Security Benefit and NEA) sheme that everybody knows about these days. I have not yet read the announcement but it sounds like to me, based on Judy's observation, that NEA has learned very little despite the harrowing lawsuit.

 

Steve

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And what really gets me is how the local affiliates of NEA continue to endorse this plan, and put pressure on districts to adopt it. My district would like to adopt a good 457 plan, but my local association insists that Valuebuilder be the sole provider. And the Valuebuilder that is offered does not offer any low cost choices at all. It's the same salesman-oriented garbage as usual -- nothing under 2% fees.

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