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NTSA kicked our Scott out of its convention!

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National Tax-Deferred Savings Association informed our Scott that he was not welcome to their convention this past weekend: http://ntsa403bsummit.org/. NTSA is the ultimate support of the rip off and costly annuity sales force that has monopolized the 403b market for public k-12 for decades. FYI, Scott has been attending this conference for years with no problems. 

Apparently, after all of these years of negative newspaper reports and our staying power around the country, this Association is feeling the heat. 

This is unheard of. Do they really think that Scott is that big of a presence that he was given a refund for his registration and his room was closed!

Below is their message to Scott and this should go viral. If you have a blog, twitter account, FB page, etc pass this on! 

Scott_kicked_out_of_NTSA_conference.png

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Wow.  If Scott doesn't mind, I encourage you to forward this tidbit to any press people who have interviewed you in the past about 403b-related issues, Steve.  It would make a good basis for a story on the current situation.

PS: I see that Scott has published a blog entry about this, https://teachersadvocate.blogspot.com/2020/01/blacklisted-how-ntsa-stifles-dissent.html

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Scott’s quote from blog:

“I've been very critical of their largest sponsor - Security Benefit, the company that runs the NEA 403(b) products (they are NOT good products in my opinion).“

Just interested to see if Scott feels NEA DirectInvest is not a good product as well.  I’m investing using DirectInvest and would appreciate any feedback if there’s something negative about this product that I’m not aware of.

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On the 403bwise  Facebook Group, Scott has recently mentioned NEA Direct Invest as a viable choice in a district with poor annuity choices. He has set up 2 NEA DI accounts, one for his wife, the other for a client I think. So he is not against using NEA Direct Invest if it the only low-cost option. He prefers the CalSTRS Pension2 with its added 0.25% fee over NEA DI if the teacher wishes for some local support, which seems reasonable to me. 

From the recent WSJ article on unions and K-12 403b plans:

“Lisa Sotir, chief compliance officer at the NEA’s Member Benefits subsidiary, said. . . . just 1.5% of the money in NEA-endorsed retirement products is invested in the low-cost option.” So I guess Scott was referring to the 98.5% of the NEA 403b products?

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Scott likes NEA direct investment. But he remains critical, as we all are, that NEA or SB will not assist or publicize their low-cost NEA Direct Invest, and the 700 NEA employees have access to Vanguard in their 401k plan, while the vast majority of their 3.2 million members have a god-awful SB 403(b) plan. NEA knows best but they have NEVER tried to clean up the hypocrisy. 

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16 hours ago, whyme said:

Wow.  If Scott doesn't mind, I encourage you to forward this tidbit to any press people who have interviewed you in the past about 403b-related issues, Steve.  It would make a good basis for a story on the current situation.

PS: I see that Scott has published a blog entry about this, https://teachersadvocate.blogspot.com/2020/01/blacklisted-how-ntsa-stifles-dissent.html

He talked with the WSJ and other publications but it is not a big story. What might be a bigger story that gets the attraction of the mainstream media is at the next NTSA convention, a group of us picket outside their next convention or picket outside NEA headquarters. 

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