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A Weekend to Sing About

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Scott and I had the privilege of attending (along with 403(b) warrior Nancy Bachety) and presenting at the Next Gen Personal Finance Changemaker Summit 2019 in San Fransisco this weekend. You can read about this amazing event here. So many highlights including Steve Schullo getting a shout out from the great Bill Bernstein. - Dan 

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I attended the NGPF Summit in SF a few weeks ago. Thank you very much for the presentation by Scott and you highlighting the excessive fees in many 403(b) plans. As you may or may not recall, I am the teacher from Vermont that you helped after your presentation. Specifically, you helped me look up the fees associated with my T. Rowe Price Target 2030 fund and well as the fees associated with our district's vendor, Mass Mutual.

 

 

As indicated in one of the attached documents, it appears the fees I'm paying to T. Rowe Price equal 1.19%. Additionally, I'm paying fees totaling .35% to Mass Mutual. In total, my fees equal 1.54%...over three times what Scott and you recommend. However, could my fees be higher? Although my T. Rowe Price 2030 Fund is administered through Mass Mutual, our district has another layer of bureaucracy. Specifically, district employees participating in the Mass Mutual 403(b) and 457(b) plans must sign up for their investments through a financial planner employed by Edward Jones. Could I be paying additional fees to the Edward Jones financial planner in addition to the fees I pay to T. Rowe Price and Mass Mutual?

 

 

Our district offers both 403(b) and 457(b) plans with Mass Mutual. However, from my understanding, the fees I pay would not change if I switched from my current 403(b) plan to a 457(b) plan. As such, how should I approach my district about offering Vanguard Index or Target Date funds without going through a vendor or financial planner? Is it possible for us to go to Vanguard directly and eliminate the middlemen?

 

 

I came away from the conference with a copy of your book "TEACH and Retire RICH". I finished reading the book last week. I am now energized to spread the news about the costly fees in our district's 403(b) and 457(b) plans. However, before I embark on this mission, I want to ensure I have the correct information. I thank you for all you do to help teachers financially.

 

 

Sincerely,

Wayne Goulet

Randolph Technical Career Center

Randolph Vermont

Orange Southwest 403(b).pdf TRowe 2030.pdf

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