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|Subject: Re: Help! 403b ---benefit or error?||Date: 9/22/2008 6:30 PM|
|Author: PTKeil||Number: 63928 of 77556|
Metlife is an annuity.
The school corp I work for just went through an entire revamping due to the new legislation. Supposedly some group in the district made the choice as to what companies were going to be offered starting in September. If our current investment company was not one of the chosen, they you have to leave it where it is and start anew or roll it over with penalties, unless you've been invested for 10 years. I am 38 in my second year of teaching, and fortunately Metlife was "chosen."
My big question was who made the decision, and how were they qualified to do so? They claim to have made it in part on the number of people already invested with certain companies, and I'm assuming this was done so there was very little turnover. Just to let you know, the teachers had no say, whatsoever, in what is now offered. It was a mess, and the teachers I work with were very confused. One gal broke out in tears because she simply didn't know what to do. We were given 2 weeks notice to decide.
Just thought I'd give you a heads up as to what is to come for your wife. Hopefully here corporation will be a little more flexible.
I have to look into the 457. Never heard of it, but I noticed a few replies to this, so someone may have volunteered this info.
Fortunately I have time on my side and can do more research.
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