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NYGiants

Thank you!!

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    First time posting here, and I would like to start by thanking Dan and Scott and the others who make this site fabulous and informative. As an educator in NY I started my 403b with AXA 20 years ago. (Ouch.. I know) I executed a 403b exchange and AXA closed my account on Feb 21st. Aspire, the receiving provider, cashed the check on March 3rd. I am very fortunate to have escaped the recent market volatility and I couldn't have done it without reading the information here on 403bwise.

    In reference to your last podcast, multiple AXA reps were in the lunchroom yesterday and I just chuckled to myself because Dan and Scott predicted that would happen. I have a meeting tomorrow with my union president and I want to discuss many topics with her about our school's 403b plans. I really want to be an advocate for the younger faculty members and a reliable source of information for our veteran teachers. Again, thank you to all who contribute to this site. 

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This might be an easy to understand summary  resource I just ran into. Nothing earth shattering  here but a quick read for those not familiar with what we here already know about 403b. 

 

https://clark.com/personal-finance-credit/investing-retirement/what-is-403b-how-does-it-work/?utm_source=Clark+Newsletter+List&utm_campaign=041a23480d-Clark_Daily_Newsletter&utm_medium=email&utm_term=0_afa92deb83-041a23480d-73013753

 

 

 

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2 hours ago, NYGiants said:

I have a meeting tomorrow with my union president and I want to discuss many topics with her about our school's 403b plans.

Great news. Keep in mind, so many folks just don't have enough financial knowledge in their mental arsenal to quickly "get" the ins and outs of what is going on  in  the K-12 403b universe. You will probably have to patiently educate your union president and your   district administrators.. Even then those folks won't probably get anything changed. I strongly urge you to  contact school board members directly as they truly can create the change in policy that is needed.  The more teachers you can recruit to stand with you the better.At least you have an escape route with Aspire. Push for  more low cost  non -insurance/non annuity providers. You will probably never be able to eradicate those fake annuity so called  advisors that hang around but you might be able to dent their armor by getting better options and  then getting your teachers , staff, and administrators financially literate. 

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Welcome.  You did indeed have very good luck with the timing of that transaction.  Probably saved yourself 10's of thousands, selling high and buying back in much lower.

 

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