San Diego Makes Poor Decision - Is There Time To Fix It
I verified today that San Diego City Schools has indeed decided to hire Envoy Plan Services. I tried to inform them why this is a mistake but they wouldn't listen. Hiring Envoy may be good for the district, but it will not be good for the teachers, they will end up with higher cost products and less money in retirement. The owner of Envoy threatened to sue me if I kept following him around and explaining the facts and consequences of his companies plans for school districts. I told him he can't sue someone for telling the truth!
Hopefully the attorney general will step in and take care of this mess, if so it will make Envoy look extremely stupid. The owner confirmed with me today that he would not be in favor of proactively seeking an opinion from the attorney general. I am not surprised to hear this as I believe the attorney general will not find favor in what Envoy is doing. You can read more about the Envoy situation at www.403bretire.com. You should read the Teachers Advocate for may.
It turns out that there is already an established entity for 403(b)/457(b) in San Diego that could take over San Diego City Schools and not affect the vendors in any way - however the district for some reason decided against this, it makes one wonder. Anyway - I will keep everyone up to date on developments.