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DavidFletcher

403b providers Spotsylvania County Virginia

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New teacher assessing 403b/457 options in Virginia. To my understanding this is my current plan. I am looking to get the most tax deferred money as possible, or at least max out a 457 tax deferred plan for 2021. 

1. 9% into VRS hybrid plan (stock fund - S&P 500 index clone). This is the max I can contribute and captures the full employer match.

2. It has been difficult to find 457 choices but I will attached the picture provided by my county website that was under the 403b section. 
 

Looking to get the rest of the $19,500 max contribution into a good 457 plan and if possible more into a 403b plan. Hopefully this all makes sense! 
Any help would be greatly appreciated! 
 

David 

7AE17B78-D548-4B6A-A9F6-FA8508DBEF57.png

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NEA Security Benefit has a "direct invest" option.   There are many posts about it on this board.  It is DIY.  Do not call a salesperson and ask about it.  Good chance they will act like it doesn't exist.  I use it and it is great.

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David

I'm in Virginia and taught in Virginia. We have an excellent 457 state plan and teachers are eligible!! I got it added.  Talk to someone  competent who handles these things in your district about adding it. One call to VRS would give the info you need to add it. Its sooo easy to add but it's too good a secret for some reason and many school systems don't add it because they don't know about it.  It has index funds galore and target /life path funds galore at Vanguard like expenses. No  high fee insurance type products. Someone  smart and savy was looking out for state employees with this excellent option.

Also as was mentioned above by bash dash,  you can put together a basic Vanguard portfolio at low cost going through NEA invest  via security benefit. Read some posts about it in other recent threads on this forum before proceeding. We have discussed it ad nauseam

tony

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Here’s a link to the schools that are participating in the VA state 457b plan:   https://www.icmarc.org/prebuilt/apps/downloadDoc.asp

Tony is your man to help you get your school added to that list!

Setting up an NEA Direct Invest 403b account with Security Benefit was covered in msucurt’s recent thread. After you read it over, please come back here with any questions.

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Wow you all are fast! Yes I have read about the direct invest option. I have more of a “fight for all” mindset so I will get the 457 plan added. I saw it was an awesome plan with great expense ratios. 
 

thanks so much for the fast replies! 
 

- David 

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5 hours ago, DavidFletcher said:

thanks so much for the fast replies! 
 

It's not that we are fast necessarily, just that business is slow on this discussion board. Covid 19 has seemed to make it even less active with so many folks working from home and struggling with other issues like teaching online or watching/helping their  own children. Others may have lost a spousal income. Still if you are collecting a paycheck you should be involved in your financial future because if you don't look after yourself no-one else will. I know some teachers with  small limited pensions and no savings and it's been  a rough  road in  retirement for them and they have had to look for additional income. I probably over planned  but I guess it's the better way to go. Looks like we are heading to another lockdown. Hope not. I've been doing what I normally do. i just wear a mask and carry hand sanitizer. Look to Sweden on how they have handled this Covid 19 without all the mass hysteria. I will have no problem getting the Vacine when it arrives. Others are swearing not to get it. WHY?

 

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19 hours ago, Bashdash said:

NEA Security Benefit has a "direct invest" option.

Here's a link that explains the fees, how to build a fully diversified portfolio, and the steps I went through to enroll.

17 hours ago, tony said:

in Virginia. We have an excellent 457 state plan

Wow, if I'm reading this correctly, that is an unbelievable plan (I must have forgot about that). Only a flat fee of $30.50 per year and expense ratios like these:

S&P 500 (domestic stock): 0.01%

MSCI ACWI ex-US (international stock): 0.06%

Bloomberg Barclays US Aggregate Bond (bonds): 0.03%

That's incredible.

8 hours ago, DavidFletcher said:

I have more of a “fight for all” mindset so I will get the 457 plan added.

I encourage that. Think about getting Vanguard and Fidelity added as well.

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5 hours ago, EdLaFave said:

Wow, if I'm reading this correctly, that is an unbelievable plan (I must have forgot about that). Only a flat fee of $30.50 per year and expense ratios like these:

S&P 500 (domestic stock): 0.01%

MSCI ACWI ex-US (international stock): 0.06%

Bloomberg Barclays US Aggregate Bond (bonds): 0.03%

That's incredible.

I thought so too and that's why I PUSHED IT SO HARD. With expense ratios like that who needs Fidelity or Vanguard.  This   or something like it should be available to every teacher in every school district in every state.

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