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Investing/Strategies / Retirement Investing
|Subject: Re: Help! 403b ---benefit or error?||Date: 9/23/2008 6:39 PM|
|Author: PTKeil||Number: 63949 of 75340|
We have gone from 21 vendors (which included Vanguard, but none of our paperwork ever told us this, and I combed through it like crazy) to just 3....Metlife, VALIC and what they call the 403b ASP platform, consisting of some randomly chosen companies (JHancock Lifestyle retirement funds...whatever..., Federated Prime Cash Series, Pimco Total Return, etc.) a complete mishmash of 12 other funds. which they chose with intent to diversify the offerings. Ugh.
Metlife? Yes, I would definitely choose other companies if it was up to me, but I was fortunate in that my money is there and I don't have to change the allocations or revamp my entire portfolio, which is what some people are having to do.
Just to let you know, too, that I read over all of the information they gave us when this came about a month ago, and they did hire "independent" consultants and lawyers to decide the offerings with our union reps here at the school. Maybe if your wife tugs at their ear, Vanguard may be an option. We were not invited to the meetings and had no say. Sad, but true.
Keep at it...
Just a heads up...I just received my statement this summer from TRF which calculated my pension based on my average salary AFTER my annuity deductions ($21.5K instead of $37.5K) and of course that sent me into a fit.....it translates to a loss of 1000's/year during retirement....in which I would have to net 40% or more on my investments to break even.
Check your wife's most recent TRF statement and see if they are doing the same to her. I'm curious if it's been flying under the radar because most people are making much smaller contributions.
I have been going back and forth with TRF for the past 2 months, with the only explanation being "well, your annuity contributions SHOULDN'T be deducted from your annual average salary...." No one is giving me a straight answer and it's about to get ugly on my end.
Thanks so much for the advice/input. Get back to me if you notice any irregularities in your wife's average annual salary TRF is reporting.
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