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Contact With Tpa

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I am not sure if this is helpful but our 457B plan is totally seperate from the TPA from our 403bPlans. In essence the 457 is free of their control. Also have you looked in to the possibility if any of your 403b plans have a SELF-DIRECTED option? If they do you may be able to pick a fund outside of your current choices. They would still tack on administrative fees but you might be able to get into something very low cost beyond the realms of your current offerings. Of course, I may not know what I am talking about as every state is different. I do know we have a self directed option in our 403b plan.

 

Tony

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I appreciate the advice and help. It's time I contact payroll again.

 

Since my last discussion with her I've ahd contact with three of the vendor reps. Although I am not the most informed person in this area, I believe the reps figured out I pretty much knew what I was talking about in regard to high vs. low cost products. At that point all three told me they had nothing in the category of low cost prodcuts and should invest outside the 403b. That's not a good thing to hear.

 

I'd like to ask one more thing of you folks if I could. Employer Admin. Services is our TPA. Their rep told me to submit names of possible vendors to my district and if they signed the agreement the company could be added.

 

Does anyone with experience with EAS know of a vendor that has been added that would be considered a low cost vendor? Or can someone suggest a company that I mention to the district as a possible vendor?

 

Our list consists of Horace Mann, Met Life (our new superintendent's choice), ING ING ReliaStar, Valic, Security Benefit, Ameriprise and I have asked about Fidelity, Vanguard, and Tiaa-CREF(these are not willing to sign on).

 

Again, any advice is appreciated.

 

There is a way that you will likely have access to and it is through a company called Aspire Financial. https://www.aspireonline.com/

 

I know they have worked in a bunch of scenarios with TPA's similar to yours. They basically have access to a mutual fund platform with 20,000 choices. They charge something the $40/hd and 15 basis points so there is a little cost but that is miniscule compared to the insurance crap and the fund company would charge something annually until your account reaches a certain level anyway.

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I called Aspire today and the $40 and 15 basis points info is correct according to the rep. I then emailed our payroll office to see if Aspire is a possibility and it might be so. I need to get some more information before I sign on.

In looking back at previous posts I see that a few other people have used this company. Can anyone else speak about their experience?

 

On another note, our payroll person contacted the Maine Pers dept. to see if we could participate in the MaineStart program and that answer is no. So I have to decide if Aspire is an OK way to go or if I should just keep contributing to my Roth and tax friendly non-retirement funds.

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