Showing posts with label 403(b)Warrior. Show all posts
Showing posts with label 403(b)Warrior. Show all posts

Friday, September 06, 2019

403(b)urnout

You may have noticed that I've posted very little in the past six months, even amidst a torrent of 403(b) news. There is a reason and I'll do my best to explain.

I've been fighting for better 403(b) plans since 1998. I've not been alone in the fight (if you want to read about those who have fought along side of me, pick up my book here). I understand that this fight is not exactly akin to fighting for Civil Rights or other important issues, but it is a meaningful fight and one that needs to be waged. It's just that sometimes you get tired of it, even when you are winning.

To be honest, 2016 burned me out fighting for the 403(b) - despite it being one of the most successful years we've had. It's not the first time I've 403(b)urned out, it won't be the last.

Some of the symptoms of 403(b)burnout:

Not wanting to write about it.

Not wanting to think about it.

Getting a headache when you do think about it.

Despair

Did I mention...despair...

There are more, but those will suffice. Mind you, I didn't give up the fight, I simply took a breather.

Even while feeling the effects of 403(b)urnout I recorded podcasts (some great podcasts by the way and you can listen to them here) and posted articles and answered reporters phone calls. But my heart wasn't always in it. I remember 15 years ago how nervous I was to talk to a reporter and how much I would fret about getting quoted, the second half of last year I almost didn't want to talk to any reporter (except for the amazing and under-appreciated Tara Siegel-Bernard of the NY Times who should win a Pulitzer for her work on 403(b) last year). This was not a problem with the reporters (though Tara did make it difficult to talk to anyone else!), it was me.

I love the 403(b) fight and will continue to wage it, but probably once every three or four years I get 403(b)urnout and I just need to let it run its course. It's taking longer this time, but just writing about it is making it easier. I do take solace in the fact that we've picked up so many allies in the past few years who have willingly taken up the fight and when I'm down, they are up. I know that our numbers are growing and that I'm not that important anymore, this actually helps. We are not done fighting and neither am I, but if you don't see me for a few months every few years...it's ok, I'm just recovering from a bout with 403(b)burnout!

2017 is a new year and there is a lot of potential, for all those out there fighting for positive changes in the government 403(b) world, I commend you and I'm ready to get back on the horse and do battle.

Scott Dauenhauer

Are you 403(b) Wise? 403bwise.org is the place on the internet to learn, advocate and build community.

NY Times: When Teachers Face the Task of Fixing Their Retirement Accounts

When Teachers Face the Task of Fixing Their Retirement Accounts

Are you 403(b) Wise? 403bwise.org is the place on the internet to learn, advocate and build community.

403bCompare Rebirth

Way back in 2000, a group of 403(b) activists lobbied the California state legislature to pass a bill allowing school districts to control their 403(b) vendor list, the bill didn't make it in the original form, but instead became a disclosure bill. The law that was passed created what we now call www.403bcompare.com, a website where all 403(b) vendors in California must register if they want to offer their products to California public schools. They must register and disclose their products. There is no other database like this in the country.

I was involved in both the lobbying and the development of the original website and have provided consulting services to CalSTRS (who operates the site) ever since. I've watched over the past 18 months as the people at CalSTRS worked to redesign and modernize the site, the new site launched this week and I think they've done a great job.

 Just a few new features you will see is an expense ratio range (low - medium - high) and a disclosure of whether the product will pay a commission when sold (no data on what the commission would be at this point). Comparisons are now simpler and all the data for mutual fund and annuities are in real time, including performance information. There are also filters to help you exclude certain products and a design that should allow for simpler navigation.

I've linked to a brochure and flyer below and you can watch a few of the videos as well:

CalSTRS Press Release

CalSTRS 403bCompare Flyer

CalSTRS 403bCompare Brochure








Scott Dauenhauer, CFP, MPAS, AIF

Are you 403(b) Wise? 403bwise.org is the place on the internet to learn, advocate and build community.

Friday, June 03, 2016

Video: The Busy Teacher's Guide To Doubling Their 403(b)'s Earning Potential

Teacher and fellow 403(b) warrior, Mark Eichenlaub recently posted a nice video about increasing your 403(b)'s earning potential. I encourage you to watch. It's great to see a new crop of 403(b) activists popping up across the country and leading their own movements. Mark recently got Fidelity add to his school district! Imagine an army of Eichenlaubs across the US working to make 403(b) plans better, the future is bright for low fees and quality providers in 403(b), but the fight is long and not nearly over.

Enjoy, Scott Dauenhauer CFP, MPAS, AIF