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blosky2001

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ScottO and I have been attending these one-hour workshops every week hosted by Dan Otter and Scotty D. It's a great opportunity for face to face assistance while sitting in the safety of your house. The presentations are spot-on for newbies with these sometimes complicated topics. 

Next week"s topics are the 403b, and investing and asset allocation.

1. Wednesday:  Investing & Asset Allocation session on https://403bwise.org/events/details/event-get-wise-to-the-403b042920 

2. Thursday:  https://403bwise.org/events/details/event-get-wise-to-investing-and-asset-allocation043020

Requires using Zoom.com which is now used everywhere in the country. I had a family get together last evening and it was terrific. 

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Having so many people who were involved with improving LAUSD's 457 plan at the last Zoom session was great @sschullo
https://achieve.lausd.net/Page/11880
https://www.tsacg.com/lausd/
I'm going to have to review those links to get ideas about how to improve options at my own district and look at how LAUSD manages employee education surrounding 403/457 accounts. 

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11 hours ago, ScottO said:

Having so many people who were involved with improving LAUSD's 457 plan at the last Zoom session was great @sschullo
https://achieve.lausd.net/Page/11880
https://www.tsacg.com/lausd/
I'm going to have to review those links to get ideas about how to improve options at my own district and look at how LAUSD manages employee education surrounding 403/457 accounts. 

Happy you are going to use us as a model.

Attend a committee meeting. If they don't have one, ask them if you can sit in on one of their meetings when they discuss 403/457b plans. We all know they meet behind closed doors and to let them know that you know they have meetings that affect the financial welfare of all of the districts employees will go a long way to opening up those meetings to employees. If they refuse, go to the school board public meetings as let them know what you want to do for the employees, its always for the employees. Use LAUSD as an example. Our committee is composed of reps from all collective bargaining units. To make sure the board understands that this committee is an advisory, it has no power to make changes, we advise the CFO, and he or she either says yes or no. The CFO is the fiduciary. 

I shudder to think how terrible the 457b plans are around the country when no employees are watching. The plan sponsors tell districts when they want to know, and its never about what is best for district employees. I got to know a teacher next door in the next county, and they have the same TPA for both plans. He mentioned to his superintendent about forming a committee, and the super sh-ot back, "TOO MUCH LIABILITY." Get ready for the 19th century thinking from district staff. 

I have done all of the above over the years, and I wrote it all in my book Fighting Powerful Interests, free download. All that I did from 1994 to 2014. It's an incredible story of how fighting for change against an inclosed educational culture that sees this topic as totally alien! As I mentioned in the webinar, I was very lucky that one benefits administrator knew how terrible the 403b was and started the 457b plan and asked my friends and me to join a committee. We are all volunteers and been on it for 14 years, long enough to get a Plan Design 457B Award. 

 

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On 4/26/2020 at 6:53 AM, sschullo said:

I wrote it all in my book Fighting Powerful Interests, free download.

Currently reading over it. Appreciated the history of the 403b. The grassroots movement story of 403(b) Aware has been fun to follow. VALIC being selected as a TPA hits close to home, that who my district uses... reading closer on page 93.

I've attended the meetings with our district and bargaining units for the past 3 years. It's an interesting experience, because nothing much has changed - largely in part to none of the union leaders participating in the plans and the issue being a very back burner one for the district. Establishing a committee of employees, like 403b Aware, which would make recommendations has been on my mind. Getting written recommendations from a CFP or an audit of the plans was another route I was considering, but now I need to get to the end of your book before I put any bright ideas in motion. Thanks for putting this together.

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14 hours ago, ScottO said:

Currently reading over it. Appreciated the history of the 403b. The grassroots movement story of 403(b) Aware has been fun to follow. VALIC being selected as a TPA hits close to home, that who my district uses... reading closer on page 93.

I've attended the meetings with our district and bargaining units for the past 3 years. It's an interesting experience, because nothing much has changed - largely in part to none of the union leaders participating in the plans and the issue being a very back burner one for the district. Establishing a committee of employees, like 403b Aware, which would make recommendations has been on my mind. Getting written recommendations from a CFP or an audit of the plans was another route I was considering, but now I need to get to the end of your book before I put any bright ideas in motion. Thanks for putting this together.

Thank you. I am very happy you liked it. It was written for advocates like yourself, but for all educators too. Educators will learn the investing language and how corrupted the 403(b) is and what some of us were able to do at L.A. Unified.

Those years from 2000 to 2014, the only place you got objective information was 403bwise.com right here in this forum. As you know, this topic is NEVER discussed publically anywhere in California within public k12 districts and unions. As you read in my book, the total absolute SILENCE from 1961 to 1998 is one of the great mysteries of retirement planning. Millions and millions of smart, and savvy investing educators came and went and back in those dark ages, no one warned their colleagues about the lawlessness of the 403b! But back in 1998, it took like ole me and an L.A. Reporter, Kathy Kristoff,  to bring the permanently dormant topic, the 403(b), to transparency, and then U.S. News and World Report in 2000 put this site on the map for good. 

Its been a long, long slow grind but we keep moving forward. I have to believe that more and more teachers across the country are hearing the new message, avoid annuities like the plague. 

BTW, missed you yesterday on the zoom.com meetings. Are they great! Teachers from across the country are logging on and asking questions, and you get to see them. Dan has it well organized, and Scott fills in with the regulatory stuff. They are a great team.

Next Tuesday will be a very special topic dear to my heart, Dan and Scott have a panel of fiduciary financial advisers that are our 403b reformed minded friends: Tony and Dina Isola, Breana, and another advisor, all fee-only fiduciaries. These advisers are about the only FAs around that understand the depth of the 403b problem. Our colleagues need help! 

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2 hours ago, sschullo said:

Next Tuesday will be a very special topic dear to my heart, Dan and Scott have a panel of fiduciary financial advisers that are our 403b reformed minded friends: Tony and Dina Isola, Breana, and another advisor, all fee-only fiduciaries. These advisers are about the only FAs around that understand the depth of the 403b problem. Our colleagues need help! 

I'll certainly be at that one.

It is amazing how it became that social norm for people to defer to "professionals" (professional salesman) for managing their retirement plans. I'm trying to think of something analogous... it's almost like going to a plastic surgeon. They aren't going to fix root causes and will most likely be working in their best interest(for profit) when making suggestions. Most likely you'll leave looking unnatural, feeling violated and like you wasted a bunch of money. (I've never had , so this is a guess.)

I'd imagine a fiduciary would be more akin to a real doctor(who has a fiduciary duty to their patients.)

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2 hours ago, ScottO said:

 

I'd imagine a fiduciary would be more akin to a real doctor(who has a fiduciary duty to their patients.)

CPAs and Attorneys, believe it or not, are fiduciaries! 90% of wall street minions are not, and fight every inch of proposed fiduciary legislation. 

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