Guest derek Posted November 9, 1998 Share Posted November 9, 1998 Texas apparently has a law or attorney general opinion that prevents public school districts from limiting the number of annuity providers that are allowed to "sell" their products to employees who participate in 403(B) "plans". Does anyone know of other states with similar provisions? How have the schools dealt with this issue? Anyone in Texas who has found a way around this? I know of a number of large school districts that have over 100 annuity providers serving their employees. From the schools' perspective it makes it almost impossible to monitor the providers, or ensure that employees are not being scammed out of their retirement money. Link to comment Share on other sites More sharing options...
Guest derek Posted November 12, 1998 Share Posted November 12, 1998 Anyone out there on this one? I have heard of some public schools in other states - Maryland in particular - who have some sort of annual annuity provider selection process. During that process, the school district requires providers to submit detailed documentation that they can meet the basic requirements. For instance, can they calculate the various limits applicable to 403(B) arrangements. Link to comment Share on other sites More sharing options...
Guest CVCalhoun Posted November 12, 1998 Share Posted November 12, 1998 Yep, I'm aware of ones in Virginia which do the same thing as Maryland. But I've never dealt with Texas, or with any other state which has a rule similar to the one you mention in Texas. Link to comment Share on other sites More sharing options...
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