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krow36

457B State Plans for K-12 employees

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Iowa has a low cost 403b plan available to K-12 employees.

Iowa state 403b plan: https://das.iowa.gov/sites/default/files/hr/ric/403b/documents/AAG_ERE.pdf

Core Investment providers:HMann, MassMutual, VALIC, VOYA: all low cost;

their fees: https://das.iowa.gov/sites/default/files/hr/ric/documents/prod_fees.pdf

Also uses 5 “Optional providers”, SB, AXA, Lincoln, EFS and Great American., fees/load add up to about 1.0% or more. No bargain.

their fees: https://das.iowa.gov/sites/default/files/hr/ric/403b/documents/AAG_ERE_OP.pdf

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Aloha!

 

Here is Hawaii's 457b: "You are immediately eligible to join the Island $avings Plan if you are an employee of the State of Hawai'i, County of Hawai'i, County of Kaua'i, County of Maui, Wai'alae Elementary Public Charter School, Department of Education or University of Hawai'i which belongs to the Employees’ Retirement System (ERS)."

 

http://islandsavings.preparewithpru.com/about-the-plan.html

 

The "getting started" page: http://islandsavings.preparewithpru.com/getting-started.html

 

And the investments that are available: http://islandsavings.preparewithpru.com/investments.html

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Thank you Imua808! I've added HA's excellent 457 to the list. I just returned from 3 months cruising in coastal BC in our 28' sailboat. Ahh, retirement!

Sounds awesome! Our local yacht club offers sailing classes from time to time, I've always been curious, but my schedule never seems to line up. Maybe after I retire!

 

And just a quick correction, Hawaii's state abbreviation is HI.

 

Mahalo!

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Hey Imua,

 

Sometime next year, I will be visiting HI. I have not been there in 30 years, when Dan, my late hubby, and I ran the Honolulu marathon in 1987.

I will probably just stay in Oahu at a swanky ho tel (as krow36 said "Ahh, retirement!"). I have visited all of the islands before.

 

If you reside in Oaho, let's met for lunch. Now that's thinking way ahead!

Steve

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I'm attempting to again get information on the Illinois 457.  It has some great low cost options.  I was told before that it was only for state and state university employees.  This is what the plan document states "All employees of the State of Illinois who are receiving salary for personal services are eligible to participate in the Plan.  This includes, but is not limited to, State University employees, Judges, part-time employees, Legislators, and elected State Officers.  Also included is any person under contract for personal services with a State Agency."  Now, all Illinois public teachers contribute roughly 10% of each paycheck to the Illinois Teacher Retirement System(TRS) which is a state agency.  I don't see why/how they can exclude public teachers, particularly because of the "not limited to" statement.  Anyone have any thoughts?  I waiting on a call back from the Illinois deferred comp dept.

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Well, just got a call back from the state deferred comp agency and they are claiming that since Illinois schools are controlled by local government/school boards teachers are not eligible to use the state run 457.  Very frustrating and doesn't really make sense to me.  Illinois sucks in every way.

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