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nashman50

Small District with a Few Choices

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In my experience it takes the same amount of effort to add any vendor. So choosing to add a vendor that is inferior to Vanguard and Fidelity is not a wise decision.

Adding Vanguard and Fidelity to OCPS (FL) was in no way more difficult than it would have been to add Aspire. There is nothing unrealistic about accomplishing this, at all.

...if in some districts adding vendors takes varying amounts of difficulty, then it wouldn't be wise to begin with the inferior choice. Start with the best and work your way down from there.

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Unfortunately, the district is unwilling to add any more vendors.  I was told that they only had Nationwide up until this year and since they have added all the others they don't feel like they need to add any more.

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12 minutes ago, nashman50 said:

Unfortunately, the district is unwilling to add any more vendors.  I was told that they only had Nationwide up until this year and since they have added all the others they don't feel like they need to add any more.

This is the docile attitude that allows the 403b/457b mess to persist. One of the greatest Americans to ever live taught us very plainly that, "Power concedes nothing without a demand. It never did and it never will."

OCPS (FL) didn't "want" to add Vanguard and Fidelity when I initially ask and they certainly didn't feel like they "needed" to. However, they relented when I refused to drop the issue. This is just how power dynamics work. If you're quiet and accepting, you'll be taken advantage of.

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21 hours ago, EdLaFave said:

This is the docile attitude that allows the 403b/457b mess to persist. One of the greatest Americans to ever live taught us very plainly that, "Power concedes nothing without a demand. It never did and it never will."

OCPS (FL) didn't "want" to add Vanguard and Fidelity when I initially ask and they certainly didn't feel like they "needed" to. However, they relented when I refused to drop the issue. This is just how power dynamics work. If you're quiet and accepting, you'll be taken advantage of.

Ed is right and that's a mighty quote that says it all. Please persist in getting V and F added. BUT it's imperative that we get away from insurance sold products because they are highly predatory in nature. So Aspire can get you there at a little more cost if you self direct because if you can't get V or Fidelity directly the alternative decent alternatives are few and far between. Aspire and NEA direct invest are some of the few and far between. I believe the better choices are sometimes quietly blackballed because they eliminates adequate profits for middlemen and salemen. There is also the mentality among educator administrators that teachers need handholding and this justifies the extra fees. But I don't think administrators know enough to understand the full impact of that mentality. Teachers need to get a whole lot smarter as a whole about financial 403b-457b choices and pursue change. 

 

 

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