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A variable annuity cannot by law invest directly in mutual funds, it has to make the separate units as you see.
When you retire, you can take annuity or a lump sum. You will not be able to roll it into an IRA.
The fees you see are a little more than the ones in my 457 plan which is administered by the Copeland
company, but not althgether out of line. There will also be the fees the mutual fund managers charge, which does not got to PEBSCO. The funds you quote will be the only ones to PEBSCO.
I believe TIAA-CREF has the lowest fees in its industry and one of the best performance records.
The 457 will be tax-deferred, and help you save for retirement. If that's the best you can do, so be it.
The alternative is look for a tax-advantaged mutual fund and contribute after-tax dollars to it. The Vanguard index funds would be a good choice if you choose to go that way.
Best wishes, Chris
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