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Some Positive News

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after having met with our district union once already, another appointment was made and we met yesterday. This time we had a rep from the state there (NJEA). He was very well informed of the situation in our district and districts across the nation with the new IRS changes. There in the room, he spoke to our Business administrator over the phone and discussed the situation and options. SPecifically he was pressing in ways to get Fidelity back on our vendor list and have Vanguard added. Our IPSA and Plan Documents can be re-written at any time and he was very vocal about that. He handed out a powerpoint discussing impact of fees and options within state of NJ for 403b and 457 and SACS (Supplemental Annuity Collective Trust) anyone use this? dont like the restrictions in the one fund availability.

We then discussed how the district can initiate a 457, choosing one low cost provider such as Vanguard.

He talked about one district in Wayne who has Vanguard Direct, our business admin, is supposed to be contacting him to see how this structure is setup.

Not expecting anything overnight obvioulsy but this seemed like progress to me.

We left it as follows: We are going to schedule a meeting with our local union, the NJEA rep, myself and maybe a few other concerned teachers and our business admin to discuss situation.

Also, 403basp has signed our districts paperwork and it seems as though they will be board approved. Even if we cant get Fido or Vanguard direct, we will have availability of there funds through 403basp at a very reasonable cost (.10 + Mutual fund ER) and then, if we startup the 457 with a low cost, this would be a great scenario.....

time shall tell

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You've got 403bASP, that is a victory in and of itself. Good work on convincing people in admin that fees are important!



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