My wife works for the local school system and is contributing the max ($10,000/year) to her 403B retirement account. The account is set up to go into 4 Vanguard funds and is performing quite well. The school system's 403b plan is administered by Lincoln National. Lincoln national takes a 5% cut off of the top of each contribution (e.g. $500 per paycheck is withheld but only $475 is invested in the Vanguard funds). I don't understand what Lincoln National does to earn this fee. Is there any way to circumvent this fee and have the 403B contributions go directly from the school system to Vanguard? Is this a standard setup for 403b's? Any advice would be appreciated.
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