Friday, October 28, 2016

NTSA Supports Extension of Fiduciary Standard to Governmental 403(b) Plans

Chris DeGrassi of NTSA
Well this is out of left field. I think Tara Siegel Bernard's New York Times articles are having an affect. Less than a week after two scathing articles about the non-ERISA 403(b) market were released, a major trade organization for 403(b) sales agents has come out in support of extending the Department of Labor's Conflict of Interest rule to government 403(b) plans.

The full release is below and can also be read here.

What is left unsaid is who in the organization supports this, many of the members of the organization were against the rule and some are currently part of trade groups that are suing to have it overturned. Further, the release didn't say that the members would be encourage to follow the DOL rule regardless of whether it was implemented for government or not.

Wednesday, October 26, 2016

An Annuity for the Teacher — and the Broker

Tara Siegel-Bernard takes down a 403(b) beast in this article spotlighting some conflicts of interests and poor business practices by AXA, a company that caters to teachers.

An Annuity for the Teacher-and the Broker

Here are a few of the most egregious parts:

Idiot Commenters - Part II - Teachers Have Pensions, We Don't

There have been over 900 comments on the recent New York Times article "Think Your Retirement Plan is Bad? Talk To A Teacher" and I've been making my way through them, slowly. There are many good comments, but some are downright idiotic.

The comment I want to focus on in this post is not so much idiotic as ignorant.

Ohana from Bellevue, WA writes:

I find it really hard to be sympathetic towards a group of people who are eligible for pensions. This is a great article in terms of exposing abuses in the 403bs, but please don't ask me to feel sorry for teachers. Almost no one other than government employees get pensions these days. Teachers are sitting pretty, 403b abuse or no.
My response:

Tuesday, October 25, 2016

Idiot Commenters - Part I

The New York Times wrote an excellent piece this weekend on some of the problems facing public school 403(b) retirement plans. I was quoted twice and have provided background and analysis in the development of the story. You can read it at the following link:

Some readers have responded in the most idiotic manners and I feel like I need to respond, so I'll highlight a few and respond, this is the first.

Michael Callahan of Ocean City, NJ on October 22, 2016 commented:

"I am supposed to feel bad for people who get pensions for which they personally do not pay in ONE DIME? Who get summers off, and week breaks every winter and spring? Who get Tiffany health plans, again which they hardly contribute to? Try living in the real world, folks Then get back to me with your insufferable whining."

Friday, October 21, 2016

Think Your Retirement Plan Is Bad? Just Talk to a Teacher

"Schoolteachers and others who pursue careers of service in exchange for modest
paychecks get lightly regulated retirement plans that often charge excessive fees."

OCT. 21, 2016
Think Your Retirement Plan Is Bad? Just Talk to a Teacher

Excellent article and yours truly even has a few quotes!

Scott Dauenhauer, CFP, MPAS, AIF