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Feedback On Frontline's The Retirement Gamble

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Guest Joel L Frank

I just watched this; it was pointed out to me by the DC manager at Colorado PERA. My district is in the final stages of an RFP decision for a new plan and I sent this out to our committee members. Very timely for us!

Hi there,


Are you not entitled to participate in the Colorado Public Employees Retirement Association's plans? Here they are.


PERAPlus and DC Plan Information


401(k) Plan

401(k) Plan Web site

Enroll in the 401(k) Plan online

Complete the 401(k) Plan Beneficiary Designation Form

If you are working for a PERA-affiliated employer but are not a PERA member and you would like to enroll in the PERA 401(k) Plan, you must also complete the 401(k) Participant Information Form.

457 Plan

Colorado PERA 457 Plan Web site

Complete the 457 Plan Beneficiary Designation Form

PERAPlus 457 Plan Employer Affiliation Guide

10 Reasons for Employers to Affiliate with the PERAPlus 457 Plan

If you are working for a 457 Plan affiliated-employer but are not a PERA member and you would like to enroll in the PERA 457 Plan, you must also complete the 457 Participant Information Form.

DC Plan

DC Plan Web site

Determine how your contributions will be invested before ING receives your first contribution to the DC Plan.

Complete the DC Plan Beneficiary Designation Form

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Here is my blog on the response to the responses to the Frontline report: www.latebloomerwealth.com


Bottom line: Genuine fiduciaries have nothing to fear. They welcome the report. They need this report to help the millions that are lost by all of the financial crap they are exposed to 24/7. Genuine fiduciaries understand what our side needs and try and look out for our best interests. Frontline did this and much more. It also offered a solution. Here is one example from National Association Professional Financial Advisers: Click here.

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More thoughts. Because of the Frontline broadcast, I have more respect for one financial professional organization: National Association of Professional Financial Advisers. Read their press release (it's in the link in my previous post).


I have read most of the responses of the Frontline broadcast and here is my take:


The Press Release reflected NAPFA's mission statement of putting clients first. NAPFA means what they say, there were no "buts" or "howevers." The clients interests are at the center. Frontline helped because it was from the clients POV with several financial giants who started looking out for the client's best interests decades ago. It was not from the industry’s POV--they would say nothing is wrong and so there would be no program. Bogle is despised by the industry, we all know that (I often wonder how the traders, big banks, insurance companies and brokerage firms on Wall Street feel about the $2.5 trillion “stuck” in Vanguard and TIAA CREF that they can’t mess with). The industry will never listen to Bogle and his solutions which were right there in Frontline. Frontline chose us for a reason and that message was clear, something is wrong. The industry claims there were no solutions! Of course, they have a blind eye to a clients' view of a solution: passive strategy, low costs, broad diversification etc. etc.

Clearly, the biases were from the clients' POV. Clients are beginning to be heard in the media. Result? Some name calling and grumbling by the industry that the documentary was no fair and had an agenda. It gets muddy and cloudy for a while as nobody likes change, no profession likes to be dragged through the gutter (similar name calling is happening with my profession as a retired public school teacher).

Life is not fair, never has been. Was life fair when I was lied to in my face about a retirement plan I thought I was getting—get over it and move on is what I learned long ago—wrote a book about it. At the end of the day, the profession and their clients will be much better off than what is happening every day now in the world of personal finance. Its incremental, slow and long term. I have been at this for over 20 years. Since the broadcast, I personally heard of one person who fired their broker and found a fee only fiduciary by looking on NAPFA website. The profession will benefit from this broadcast over the long term.

Have a great week,


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Guest Joel L Frank

Joel: Is it true that the NYC DCP allows up to $20,000 to be free of NYS and NYC income taxes when "cashed in" after you retire. I'm 68.

The NYC Deferred Compensation Plan does not authorize it---state tax law does.



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The fallout from last month's Frontline documentary is still shaking the status quo. Reform ideas of are reinvigorated: http://www.minyanville.com/trading-and-investing/personal-finance/articles/Is-It-Time-to-Reform-the/5/17/2013/id/49881

The Federal TSP was suggested in Frontline with Alan Roth's enthusiastic support (author of 2nd Grade Investor). My idea would have this federal plan managed by the combined forces of two of the greatest powerhouse of unbiased, ethical and non partisan companies: TIAA CREF and Vanguard.

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