FIND HIDDEN FEES
How much are you paying?
By using this carefully written email, your provider can’t evade or avoid the truth. Cut, paste and modify the text below and email it to your current plan provider. You can likely find your provider’s email on your quarterly statement.
Subject: Inquiry about the fees deducted from my retirement accounts Dear (provider name): I’ve recently learned that the fees taken out of my Teacher retirement plan (403B) and other retirement accounts can have a big impact on the amount that I will have to fund my retirement. Maybe I missed something in all of the paperwork, but as your client would you please provide a detailed description of any fees that are paid from my accounts? This might include fees paid for fund management, trading commissions, custodial or investment advisory services. Please show me any compensation that you or your firm receives from 12b-1 fees, loads or any other fees from funds, which are in any of my accounts. I understand that some fees are hard to see, for example the fees for funds inside of target date funds and other funds that include other funds. I wish to know any and all fees whether I’ve listed them here or not. Thanks so much, Your Name
What is OMNI P3?
Most teachers are unaware that their school district is part of the OMNI’s Preferred Provider Program, which has made available a list of over 25 other investment providers that you can research and compare. WVFA has already done the research on these companies and can help you make an informed decision regardless of the provider you choose.
INDEPENDENT LOW-FEE PARTNERS:
The above listed companies are not affiliated with LPL Financial.
Knowledge is power.
Below are articles, websites, news reports, and podcasts to learn about current issues teachers are facing today. Brush up with articles on our b(informed) blog.
- Teach and Retire Rich » by Dan Otter of 403(b)Wise.com
- The Richest Man in Babylon » Timeless tale of wise money management.
- Late Bloomer Wealth: Two financial teachers books by Steve Schullo
- More financial literacy books »
- 403b Wise is a website dedicated to informing and empowering teachers.
- 403(b) Compare is an information bank of free objective information about 403(b) vendors and the products they offer. *These fees may not be the same if you are dealing with these vendors in a different state
- OMNI’s Preferred Provider Program, provices a list of over 25 other investment providers that you can research and compare.
- Bruce McNutt Math – Bruce is a Math Teacher & 403(b) activist who set out on a quest to get Vanguard added to the list of 403(b) providers in Wayne, NJ. His website shares information and resources about the 403(b) from an educated teacher’s perspective.
403(b) Savings Calculator Use the 403(b) Savings Calculator to gain a general estimate of future savings growth in your 403(b) or 457(b) account under a variety of assumptions. This tool is especially useful in illustrating the power of starting early, increasing contributions regularly, and the impact of fees on returns.
403(b) IN THE NEWS:
- A Costly Lesson, via Forbes “Some of the biggest names in insurance peddle lousy retirement plans with high fees and low returns. One and a half million teachers blithely signed up for these dogs-often with their unions’ blessing.”
- How One Teacher Got Wise to the 403(b) “I am one of the tens of thousands of American teachers who made a very major decision about retirement based upon trust and ignorance….”
- Before the Advice, Check Out the Advisor » via NY Times. Elderly couple sold high-commission variable annuity.
- NTSAA Foiled (Again) in Iowa » by 403(b)wise The National Tax Sheltered Annuity Association keeps trying to alter a 403(b) plan often cited as a solution to “any willing provider” model.
- Teacher’s lesson plan fights high retirement fund fees » by John Wasik for Seattle Times Math teacher Bruce McNutt persuaded school board to add Vanguard 403(b) products.
- Unions’ Advice is Failing Teachers » Labor groups have joined forces with investment firms to steer members into 403(b) plans that often have high expenses and poor returns.
- Shark Attack! » Teachers, college professors and other education workers are being threatened by sharks — but not the kind that swim in the sea!
Subscribe to our WVFA Teacher’s Newsletter and stay informed about changes in the industry that may impact your retirement. Our newsletter will provide timely information, research and invitations related to 403(b) plans in your district.
WE CAN HELP.
Contact us to ask a simple question or to arrange a Complimentary Teacher’s 403(b) Review. We are not an employee of the investment companies that sell products, so we can objectively evaluate which 403(b) plan provider is best for you.
- We can examine your current investment company and research the products they sell.
- We can guide you through setting up an account at the company you choose to work with.
- We can calculate how much you will need to save for retirement.
- We can help re-balance your investment portfolio into lower cost investment options.
Let us help you retire with more.