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njteach

Choosing A Tpa

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I'm looking for some sage advice.

 

My district is thinking about hiring a TPA. In the past, it had used "no cost" TPAs, companies selling annuities in the district. Omni's name has come up, but I have been following the comments about Omni and the issue of "preferred" vendors. Any recommendations? Also is there a TPA that works with Vanguard?

 

Thank you

 

 

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Hey New Jersey

 

Again, I may not know what I am talking about because every state is different but I would challenge your school district to include low cost index funds in any fund and company offerings .It doesn't have to be Vanguard. It could be others. If they offer index funds at low cost ( I would say no higher than .40 per one thousand dollars )that would be a great choice considering how high everything else is when associated with insurance companies. Its worth a try. Also see if you can get a company that will offer you self directed options outside of the insurance company offerings. One company that comes to mind that is not an insurance company, is low cost, and allows self directing is ASPire.

 

And how about a 457 plan in New jersey? have you looked into that? I would think if your district will be hiring a TPA, it should have some say as to what goes in the plan.

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Thank you for your response. I will pass along the information about ASPire. I agree, low cost, no load funds are the way to go. Regarding a 457 plan, I would think that any funds that are considered for a 403(b) plan would also be used in for a 457 plan. I admit I am not as familiar with 457 plans.

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