403B

Who do you use for your 403B? Are you happy with them? My colleague recommend Mutual Inc., but they seem to be on the smaller side.

A colleague from another district said she uses Voya (formerly ING) and I believe others use Axa and Metlife. The Mutual rep said his fees were the lowest, but I'd like to confirm that. I click on the OMNI Web site to compare the plans offered by my district but it's very hard to figure out the fees if they are posted at all. Basically, for my proposed plan, it looks like the account service fee is
$50 plus 0.025% of assets annually (maximum of $65) and there's a 2% annual advisory fee. Does this seem in line with your 403Bs? Has anyone used Mutual Inc.? It looks like they're more popular in Suffolk County and my district is in Nassau.

Thanks.

403B

I work in the NYC DOE, and I invest in a TDA which I think is the same thing as a 403B. No service fee, and while you can elect to invest in stocks, they have a 7% fixed option. My uncle is a financial advisor, and advised me to not invest in any stocks and take the 7% fixed option, because he said nobody really offers such a high fixed rate percentage anymore.

403B

I also wanted to add because you're a LI teacher: When I worked on Long Island, there were two 403B options available in my district, but they were very confusing to understand. I would suggest sitting down with a financial advisor and asking them who to invest with. Your district should have someone they recommend to sit down with so you can ask them. In my previous LI district, they had two financial advisors that they recommended, and they help you decide which 403B to go with and how to best allocate your funds

403B

In my district, there's a choice of 13 companies and each company has different products - it's very overwhelming. I posted on a personal finance forum and they said Mutual's fees were too high. I was suggested https://www.nysdcp.com/iApp/tcm/nysdcp/index.jsp "The administrative fee is a combination of a $20 annual fee, paid in two $10 semi-annual installments and an asset-based fee calculated as a percentage of a participant's account balance.

The annual asset-based fee is estimated to be 4.2 basis points, paid in two 2.1 basis point semi-annual installments. The asset-based fee will be charged only on accounts with balances in excess of $20,000. Account assets subject to the asset-based fee are capped at $200,000."

Message edited 7/24/2017 3:56:20 PM.

403B

that sounds so so confusing to me, but if it's suggested by people in the finance world then it's probably the best one you can choose from. If you have any family members who work in the field maybe they can sit down with you just so you can be sure that the opinion is the same as what you read online