Great article in the Wall Street Journal by Leslie Scism on the changes in 403(b) plans across the country. The article profiled one very brave Georgia administrator, Robert Lloyd (Dougherty County) who took the revolutionary step of reducing vendors in order to cut costs, offer more services and increase the likelihood of positive retirement outcomes.
We need more Mr. Lloyd’s, though he might tell you its a thankless job (not that I’ve spoken to him). Many agents and apparently ASPPA opposed this transition. The move to fiduciary based 403(b) plans is on and is happening throughout the country one employer at a time led by people courageous people like Mr. Lloyd.