Tuesday, March 25, 2014

North Carolina Launches Statewide 403(b) Program

I was the consultant for the Request for Proposal on this plan (with SST Benefits Consultants) and think it's going to be great.

From the Triangle Business Journal, Jason deBruyn:

"State Treasurer Janet Cowell and TIAA-CREF have launched the N.C. Public School Teachers’ and Professional Educators’ Investment Plan, a statewide, supplemental 403(b) retirement program for the state’s public K-12 educators.
The program offers 27 well-diversified, low-cost investment choices and a variety of services designed to help teachers prepare for retirement, according to Cowell’s office. Research shows that educators who participate in low-fee plans can accumulate significantly more retirement savings versus those in plans with higher fees.
“I’m excited that we’re launching a high-quality, low-cost supplemental retirement plan for teachers and educators across the state,” Cowell said in a statement. “This statewide plan will help teachers and education employees boost their retirement savings.”
All of North Carolina’s 115 school districts will have the option to participate in the new program. In most cases, districts will also be able to take advantage of lower fees, as the new program is designed so that fees decline as more school districts enroll and asset levels increase. 
The 403(b) program was authorized by the General Assembly in 2012 and approved by the Supplemental Retirement Plans Board of Trustees last week. The N.C. Department of State Treasurer is the program administrator, and TIAA-CREF will be the program provider."
 Scott Dauenhauer, CFP, MPAS, AIF
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