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NAGDCA Helps to Tame Wild, Wild West of 403(b) and 457 Offerings

"The vast majority of 403(b) and 457(b) plans that our nation's state (which includes cities, counties, municipalities, etc.) government employees invest in are high in cost, laden with surrender charges (and long surrender periods) and pay commissions that would likely not be allowed in ERISA plans (state government plans are exempt from ERISA).... However, for all the poorly run plans that exist, there are some very well run plans and they are increasingly setting an example for the others and driving down costs as well increasing transparency. Many of these plans have trustees (fiduciaries) who follow ERISA principles and are members of a growing association that serves government defined contribution plans named NAGDCA, or the National Association of Government Defined Contribution Administrators."

9% Commission? Defend That, ASPPA/NTSAA

"A few minutes ago [I, Scott Dauenhauer] received this cute little annuity advertisement. Yes --- the commission is 9%. Wanna bet the people selling this product are not fiduciaries. Honestly, can ASPPA/NTSAA defend the possibility that their own member agents are selling this stuff to unwary school employees?"

Is ASPPA Really Interested in Disclosure to 403(b) Participants? Here's Their Chance to Prove It

"While I think Single Vendor [for 403(b) programs] is the best route, I am also a realist and understand that a single vendor environment is not going to happen overnight .... It got me thinking about what can be done to protect current participants who are stuck in a non-oversight multi-vendor program or even a program that does have oversight but has multiple vendors.... I am calling on ASPPA to ... require that those who want to work with public school employees and give 'advice' be a fiduciary and those that sell product must disclose they are NOT advice givers and NOT acting as fiduciaries."

Defined Contribution Plans: Private and Government Style

What I am tackling in this piece are the specific differences between a private sector plan that is covered by ERISA and a government plan that is not covered by ERISA in terms of consumer protections.