Speaking of solid 403B plans. Here is where we all teachers are struggling and having a problem. Many districts, all across the country, are struggling in this area. Why? Because our 403B plans do not have a fiduciary responsibility with us, teachers. That list of providers your district is providing you with, it is not a list that has been screened, thinking these are the best options for people. That is how companies like AXA make their way into our turf, setting up appointments and talking a big talk about how great annuities are.
We, teachers, need to take issue with this immediately. Bring it up to our union reps, and make a contractual issue where our benefits have been changed and reduced for the worse.
Folks, this is a real issue. Don’t believe me, just look it up. Many of these companies are under federal investigation. The WSJ has published several articles on the subject.
Something needs to be done. We need to demand better options for our investment opportunities. Our districts are not matching our contributions. It is our money and we should have a say about the options we want. This is not free money we are getting. Therefore, there should be no begging.
Please consider becoming a seed of change wherever you are. Talk to people in your district about it and fight for that change we all need in our 403B plans.