403bwise

In the beginning, Dan Otter created a website to reach other teachers who were faced with a lack of information regarding 403(b) plans. Its origin dates back to the early 2000’s. Since that time, Dan has built a community and an award-winning website, podcast and has authored several books. The …

In the media

The media has been writing feature stories about the climate surrounding 403(b) plans. ¬†Hidden fees, high commissions paid, lack of oversight, ¬†and a general misunderstanding of key components are among the sticking points. Coming soon is a resource for such stories and will include Finance authors such as the New …

Reform

NYSUT is working through the proposal to provide its members with access to fee transparency, education, low-cost options and list of fiduciaries. This has the potential to be a major breakthrough – up until this point, NYSUT recommended a high-cost 403(b) provider. Third-party administrators, (TPA’s) like OMNI, have allowed high-cost …

Education

FIT403b seeks to impress upon teachers concepts such as these: compound interest and the huge impact it has to the bottom line the declining value of the individual pension tax cap’s effect on pensions inflation the value of low fees the lack of fee transparency the importance of working with …

The origin of FIT403b

A group of like-minded volunteers speaking out about the current state of country-wide 403(b) plans convened in the fall of 2018 in New York City to unite and formally establish its mission, goals and agenda to establish a not-profit advocacy group dedicated to educating teachers and all public school employees …

The Landscape

The goal for participants of contributing to a 403(b) plan is to grow their wealth for the future. However, revenue-sharing is polluting the space. There is no legitimate oversight for non-ERISA 403(b) plans and certain products, like indexed annuities and fixed annuities, are basically looked after by insurance lobbyists. Given …