Jump to content
Guest Joel L Frank

Bleeding In New Jersey Will Soon Stop

Recommended Posts

Njteach-

 

I was able to get in touch with Mr. Wade by email a while back and he said the date for the transition from SACT to ACTS had not been set. I misplaced his address but maybe if you call pension and benefits you could get it. Maybe a date has been set by now. I also know that NJEA had a link to information on SACT a while back.

 

Earlier this year NJEA was not aware of the planned termination of SACT tax sheltered and the rollover to ACTS but they may have more information now as they became aware of it. The member benefits people or research division may have more information at this time.

Share this post


Link to post
Share on other sites

Every once and a while my interest in SACT gets renewed and I start poking around. I thought about downloading the enrollment forms and seeing if I could get the local BOE to allow enrollment even though SACT is not on their 403B vendors list. I visited the SACT website today and realized their last newsletter was 1.5 years ago. The website hasn't been updated in about a year. For most part they seem to be MIA. At this point I am not sure I am comfortable with them managing my money. I think I will sit this one out for now and see what develops. Hopefully, through continued pressure on the BOE a Vanguard or similar vendor will be added.

Share this post


Link to post
Share on other sites

Jeff the teacher-

I sent an email to the 403b contact person for NJEA, hoping that he could answer some questions about the sact program

 

npnret-

Every now and then I look into sact and try to figure out what I can decipher from the state website and I just get frustrated. All the information is vague. The sact fund seems to increasing in value, if the sact unit values can be considered as share prices. There are no details whatsoever.

Share this post


Link to post
Share on other sites
Guest Joel L Frank

Ok Joel, I'll bite. I sent an email name on the 403b section of the NJEA website last week- PLomonico@NJEA.org Any other ideas?

IDEAS:

 

1. SEND A LETTER TO EACH MEMBER OF THE NJEA EXECUTIVE COMMITTEE

2. DISTRIBUTE THE SAME LETTER TO THE DELEGATES AT THE NEXT MEETING OF THE DELEGATE ASSEMBLY

3. PLACE THE SAME LETTER IN THE MAIL BOX OF EACH TEACHER IN YOUR SCHOOL DISTRICT AND NEIGHBORING SCHOOL DISTRICTS

4. ORGANIZE A MEETING OF TEACHERS AT YOUR SCHOOL. I WILL BE MORE THAN WILLING TO TALK TO THEM

 

Best,

Joel

Share this post


Link to post
Share on other sites

I will put together a letter for this. Believe me, I have tried to educate people at my school. I did get the link that you posted on the SACT program-however it raised more questions than it answered:

 

Why did the fund do so poorly in 2011-2012 when it has such amazing results in 2010-2011?

All administrative costs are funded by the state? Are there other costs not funded by the state?

Share this post


Link to post
Share on other sites
Guest Joel L Frank

Let's have a meeting of a dozen or so activists at my home for the expressed purpose of forming an organization to pressure the Division of Pensions and Benefits to offer a meaningful investment menu for the SACT Variable Annuity. The refreshments are on me.

 

Joel

Share this post


Link to post
Share on other sites
Guest Joel L Frank

Jeff the teacher-

I sent an email to the 403b contact person for NJEA, hoping that he could answer some questions about the sact program

 

npnret-

Every now and then I look into sact and try to figure out what I can decipher from the state website and I just get frustrated. All the information is vague. The sact fund seems to increasing in value, if the sact unit values can be considered as share prices. There are no details whatsoever.

Try this link for information: http://www.state.nj.us/treasury/pensions/sact.shtml

 

Here is another link: http://www.state.nj.us/treasury/pensions/annrpt2012/sact12.pdf

Share this post


Link to post
Share on other sites

Below this is the info that PLominico sent me. In my reply I asked that NJEA work to get SACT more transparent and add more options like Vanguard.

 

STATE OF NEW JERSEY

DIVISION OF PENSIONS AND BENEFITS

Notes to Financial Statements, Continued

June 30, 2010

(3) INVESTMENTS

The Pension funds’ investments as of June 30, 2010 are as follows:

Cash management funds $ 3,641,665,562

Domestic equities 16,488,740,691

International equities 12,768,261,159

Domestic fixed income 19,933,985,342

International fixed income 2,502,077,223

Bank loan funds 1,071,419,455

Police and Firemen’s mortgages 1,305,728,863

Private equity funds 4,219,334,445

Real estate funds 1,875,718,683

Absolute return strategy funds 3,377,238,284

Real assets 997,115,205

U.S. government and agency obligations 367,895,678

Other fixed income securities 509,629,453

Other 842,706,884

$ 69,901,516,927

New Jersey state statute provides for a State Investment Council (Council) and a Director. Investment

authority is vested in the Director of the Division of Investment and the role of the Council is to formulate

investment policies. The Council issues regulations which establish guidelines for permissible investments

which include domestic and international equities and exchange traded funds, covered call and put

options, equity futures contracts, obligations of the U.S. Treasury, government agencies, corporations,

international governments and agencies, bank loans, interest rate swap transactions, credit default swaps,

fixed income exchange traded funds, U.S. Treasury futures contracts, state and municipal general obligations,

public authority revenue obligations, collateralized notes and mortgages, commercial paper, certificates

of deposit, repurchase agreements, bankers acceptances, guaranteed income contracts, funding

agreements, money market funds, private equity funds, real estate funds, other real assets, absolute

return strategy funds, and the State of New Jersey Cash Management

 

 

Share this post


Link to post
Share on other sites
Guest Joel L Frank

NJteach:

 

So the NJEA rep gave you three year old financials that had absolutely nothing to do with the SACT operation. Do you agree with my assessment?

 

Joel

Share this post


Link to post
Share on other sites
Guest Joel L Frank

NJ TEACH;

 

Good, our committee is growing--- we now have two members. Let's set a date for our first meeting. I suggest Tues December 3 at 5 PM at my home. Call me for driving directions. 732-536-9472. All are welcome to attend. Please email an invitation to Mr. Lominico.

 

Joel

Share this post


Link to post
Share on other sites
Guest Joel L Frank

Remember, the SACT Regular Plan (after tax) is not affected by the SACT Tax Sheltered Plan being transitioned into the ACTS. Thus, 100 percent of the active members in all of the State administered Defined Benefit pension systems are eligible to contribute to the SACT Regular Plan. There are about 488,000 active members in the pension systems. How many do you think are actively contributing to the SACT Regular Plan? About 1500. A participation rate of 1/3 percent.

 

The pubic workers of New Jersey must give their unions and the Governor a clear message: DO NOT DISSOLVE THE SACT REGULAR PLAN---INCREASE ITS PARTICIPATION RATE BY ADOPTING A DIVERSIFIED INVESTMENT MENU AND DO SO FORTHWITH.

 

If you like the idea of no-cost investing for your retirement but demand a diversified investment menu then you must attend the December 2nd meeting. Bring your friends and colleagues. Reserve your seat by calling: 732-536-9472.

 

Joel

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×
×
  • Create New...