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Los Angeles Teachers: Investment Workshop May 4th

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I'm awed that the union gets to offer this AND members get to earn PD hours. Is the presenter a member of the union or a fin rep?

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On 4/9/2019 at 4:34 PM, MoeMoney said:

I'm awed that the union gets to offer this AND members get to earn PD hours. Is the presenter a member of the union or a fin rep?

Hi Nancy,

The union leadership had very little to do with this and previous investment workshops. It provided the room, an assistant and duplication of handouts as the union would do for all workshops. It is sponsored by UTLA's Pre-Retirement Issues Committee which is one of the dozens of subcommittees. The former committee Chair Sandy still handles much of the coordination. She was the one who got the PD hours. Dan Otter and Barbara Healy are presenters. Barbara is our financial consultant to our advisory committee. Kevin of CalSTRS will discuss 403bcompare.com.  

Its been well received for the last 12 years. Those that attend love the information. Some have come more than once. Attendance varies between 40 and 70.

The very first one was done in 2000. But some years the union voted down the presentation. But in the last 12 years, these popular workshops have been held just about every year. 

Steve

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It is well worth anybody's time. I know you've posted it here in the past. Wish I could duplicate it on the east coast. Baby steps...

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pushing up.

Time is running out. Every LAUSD employee and their spouse or loved one is (are?) welcome. The room will hold 300. 

These workshops are rare because the topics are investing in stocks and bonds, just like all public pension plans, endowments, and foundations do. Most of the regulars on this board invest in a low-cost diversified portfolio of stocks and bonds. Annuities are insurance products which are terrible products, their returns are pathetic, and over time you will lose money to inflation and taxes because the returns are subpar. 

So there are NO insurance product sales pitches, NONE, NADA, ZERO! Why you might ask? Because it is against district policy as per Bulletin 6178.0. Besides, the insurance agents enter our schools 24/7 in total disregard for this policy.

LOS ANGELES UNIFIED SCHOOL DISTRICT Policy Bulletin  
BUL-6178.0 Office of the General Counsel   Page 3 of 5   October 14, 2013 
 
A. No agent may solicit employees, advertise or distribute promotional materials for the purpose of insurance policies, solicitation of contracts for tax-sheltered annuities, 403(b) voluntary retirement savings or similar benefits on District property (including vehicles) or through District media, email or publications, including websites. The only exception is authorized representatives of the LAUSD-sponsored 457(b) plan. 
B. Presentations on retirement, personal finance, or insurance are not permitted on LAUSD property other than by official representatives of the LAUSD 457(b) plan, CalSTRS and CalPERS. Such presentations may not be made at any meeting organized by LAUSD regardless of whether the meeting takes place on LAUSD property. 
C. Employees may not use District facilities (telephones/fax machines) to arrange appointments or discuss any phase of private insurance, annuities, 403(b)s or similar programs. They may not meet company representatives on District property. The only exception is authorized representatives of the LAUSD-sponsored 457(b) plan. 

 

 

Topics: 403b vs. 457b, the investment options in the Award Winning 457b plan, how to set up your plan, getting started with mutual funds, indexes, ETFs with stock and bond funds. CalSTRS rep will discuss 403bcompare.com: https://www.403bcompare.com/ 

  • The only other resources which conduct financial literacy workshops for California teachers is California Jumpstart in conjunction with Los Angeles County Office of Education.
  • For teachers to teach their students about financial literacy in California and around the country, FREE of CHARGE is the venerable Tim Ranzatta at his website: https://www.ngpf.org/

Register here: https://www.utla.net/contact/financial_literacy_101_signup

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Have a wonderful event, Dan and Steve! Go, teach, and impart your collective and cultivated wisdom !!! 

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Great event. My presentation focused on the fact that despite having three solid vendors (CalSTRS Pension 2, TIAA-CREF and USAA), approximately 84% of LAUSD money goes to high fee vendors. Reaction was surprise, a bit of anger, but mostly: "I am going to be making changes." It was great to have Kevin Kirkpatrick of CalSTRS there to share info about 403bCompare, and Barbara Healy there to share information about LAUSD's terrific 457(b) plan. I also learned a lot about fraud issues from the SEC's Peter Kane. 

Thanks so much to all of the organizers! Special thanks to Leonard Goldberg and Sandy Keaton. - Dan 

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Yeah! Sandy, Leonard, CalSTRS Kevin and Barbara are all great. It's almost always a numbers game with these extremely rare workshops. Sandy told me about 70 teachers showed up! Thats huge with little advertisement. Wish I could have made it but had another commitment. 

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Glad to hear of its successes - 70 teachers were lucky to hear from such intelligent and passionate advocates. Thanks Dan.

(Any estimates on how many will actually "make the change"? Surprise and anger are the emotions that might move them to take action.)

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15 minutes ago, MoeMoney said:

Glad to hear of its successes - 70 teachers were lucky to hear from such intelligent and passionate advocates. Thanks Dan.

(Any estimates on how many will actually "make the change"? Surprise and anger are the emotions that might move them to take action.)

Estimates of actual change from these workshops would be pure speculation. There is ZERO follow up and nobody to talk to after they leave. 

What I know is that our district, the 2nd largest in the country, is making the bold movement towards auto-enroll. And guess who is advising the CFO, who is the responsible person, to select a target date fund that matches the age of the participant, our advisory committee! Now that's a change in a great direction. 

So far we have about 6000 LAUSD employees from two unions (buildings and trade and the administrator's unions, who were auto-enrolled). The teachers union will be a challenge because there are old die-hards who still think that the district is taking union members money without their permission and these, so-called leaders, do not hear (what we all know here about auto-enroll) that anybody can opt out at any time. 

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