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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76593  
Subject: Re: Mandatory Annuity?! Date: 6/27/2000 4:51 PM
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Greetings, Maudobucks, and welcome. You wrote:

<<My mom's district set up an arrangement where my mom contributes 3.75% of her gross, and the district will match with 3.75% to equal the mandated 7.5%. The district made a arrangement to have the money invested in a traditional annuity through Life Investors Insurance Company of America. The matching contribution is great, but according to the district, my mom has NO choice in deciding where the money is invested, how much or little she contributes. They claim that she may not even elect to stop or increase these contributions!>>

It sounds as if she is in a defined benefit plan to which she makes a contribution and within which she must participate as a condition of employment. Such plans do exist. I don't know for sure, but my guess is such plans are probably not all that uncommon with school employees.

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