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NDMish

457 vs 403 Choice

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Hi,

Although I am late in my teaching career, I am interested in contributing to either a 457 or 403.  I have researched and reviewed almost all of these and I have some idea of where I would like to go, but I across the 403bwise site and wanted to seek out some comments from this knowledge base.  Here are my choice and your comments are appreciated.

 

403.pdf

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Sure can!  Thanks for letting me know.

403(b)
AIG Retirement Services (VALIC)
Ameriprise Financial
ASPire Financial Services
Equitable
Fidelity Investments - Plan Number: 83934
Horace Mann Insurance Company
Invesco OppenheimerFunds
Lincoln Investment Planning, LLC
Metropolitan Life Insurance Company
National Life Group
ReliaStar Life - Subsidiary of VOYA Financial
Waddell & Reed, Inc.
457(b)
ASPire Financial Services
Equitable
Fidelity Investments - Plan Number: 86705
Horace Mann Insurance Company
Lincoln Investment Planning, LLC
National Life Group
Waddell & Reed, Inc.

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OK, that's great. Fidelity Investments is probably the very lowest-cost vendor for 403b and 457b products! Their admin fee is only $24/yr. They have excellent index funds.

This is the Fidelity 403b website for employees of non-profits:

https://nb.fidelity.com/public/nb/ready2enroll/planoptions

Plan Basics explains their 403b details.

Investment Options lists the mutual funds available.

I suggest you use only their index funds, either what’s called a 3 Fund Portfolio like below, or a single Freedom Index 20XX fund, ER 0.12%.

Fidelity® Total Market Index Fund, FSKAX, ER 0.015%

Fidelity® International Index Fund, FSPSX, ER 0.035%

Fidelity® U.S. Bond Index Fund, FXNAX, ER 0.025%

The 3 funds or a Freedom Index 20XX give you maximum diversification.

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You're welcome! Feel free to ask questions! Spread the word with your colleagues that they have an excellent low-cost vendor available. Aspire is a reasonable-cost vendor also, but most of your colleagues will have signed up with Equitable, AIG, Horace Mann and Nat'l Life Group etc. They are the vendors that haunt the school's hallways, whose annuity products are commission based. Fidelity and Aspire are internet based.

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