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MoeMoney

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With all the media surrounding the lowering of 401(k) fees recently, and some attention on the excessive fees of 403(k)'s, I was hoping to see new posts from teachers here, looking for guidance. There are so many of them that still need to discover how to make their plan better. 

Any thoughts on how to do that? I think about setting up a booth at teacher's conferences one day but that means time off and costs. What would this scenario look like and how would that go over? Just mulling it over here, not really looking for hard answers, just conversations about how to increase awareness.

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I wonder if leaving copies of one or more of the NY Times 403b articles in the Teacher's "Lounge" might snag some interest? You know, where teachers pass some time during their non-teaching periods? Maybe chatting or drinking coffee? I retired 27 years ago so I'm out of touch. 

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Haha... our school does not have a teacher's lounge nor a dedicated teacher workspace.  Copy room is tiny and has a xerox and a rizo and that's it. We're not allowed to leave any literature. 

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We have a professional development bulletin board in our teachers lounge.  We also have a whiteboard for union news.  I think both of these would be a good place to post a copy of the NYT article.

 

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I started getting serious about looking into my 403b after someone anonymously placed a copy of the NYT article in everyone’s mailbox.  I doubt they cleared that with the office though.

Since then, I’ve tried to send out information about the only self direct options available to staff members through email.  The email was flagged by our district’s BA and she prevented it from going out.  My only option now is to use our union website and post info there.

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I guess we're putting aside structural reform, like convincing the state legislature to reform the industry itself, and focusing on helping teachers navigate the system as it is today.

Under those constraints I think the solution is to copy a lot of what the sales reps do. Find people who are trusted and respected by the staff and get those people to put in face time with every teacher who is willing to listen. Do the hard work of relationship building, face to face! Dan and others have already put the resources online...you need to bring them into the fold and hold their hands.

It really shouldn't be that hard. I got a good chunk of my previous office pushing for reform because the cheapest index funds they had access to were 0.33%. I left before things were sorted out, but I just got news that they're getting really low cost index funds now. I'm not even particularly personable...you just need people who really care!

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Isn't it bizarre to think our emails get flagged and our helpful sharing of articles have to be distributed discreetly? You'd think we were....403(b) sales reps with something to hide!

Oh that's right, they have free access.

I don't think we're putting aside reform, but I do agree that we are taking one of the two-pronged approaches here. 

100% right Ed, it's about building relationships, and face to face, and holding their hands. That is gold.

Great work getting your former colleagues a lower cost plan.

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