A Do-It-Yourself Investor’s Powerful Insight

Dan and I joined this local pro­fes­sional orga­ni­za­tion. The Desert Busi­ness Asso­ci­a­tion (DBA) serves 300 mem­bers who are mostly LGBT locally-owned busi­nesses. Our book designer, Mark, and a fidu­ciary finan­cial adviser, Bob, told us about the DBA mix­ers hosted by dif­fer­ent mem­bers at their place of busi­ness. This gives mem­bers and chance to talk about what they do in a con­vivial atmos­phere. We meet twice a month with always a good turnout. I get to talk about our busi­ness, Late Bloomer Wealth Press, and the two books we pub­lished (Dan can­not attend as fre­quently as me because he has a con­flict with his 12-step meet­ing). Its been fun and ben­e­fi­cial meet­ing many busi­ness peo­ple across the valley.

Stock Bro­ker Finan­cial Adviser and an Insur­ance Agent

At the last mixer I had a con­ver­sa­tion with an insur­ance agent and a bro­ker from a local bro­ker­age firm. Our mutual inter­est in per­sonal finance sparked our con­ver­sa­tions. The dif­fer­ence between the insur­ance agent and the bro­ker is what I will elab­o­rate and share my insights about the invest­ing process as a Do It Your­self investor. My con­ver­sa­tion with the insur­ance agent didn’t last long as he went straight into his patent and well-rehearsed sales pitch about pro­tect­ing peo­ple from the stock mar­ket loses. I didn’t want to spoil my evening debat­ing with an insur­ance agent.

The bro­kers con­ver­sa­tion was inter­est­ing. Unlike the insur­ance agent, the bro­ker and I were at least on the same page about invest­ing in the stock and bond mar­ket. Insur­ance agents are typ­i­cally from a wholly dif­fer­ent world (as I have advo­cated for years, annu­ities should be ille­gal in the accu­mu­la­tion stage because of expenses and pathetic returns that don’t keep up for infla­tion. See a pre­vi­ous post about mix­ing insur­ance and invest­ing).

The bro­ker warned me that our bonds are going to take a hit when inter­est rates rise. I said that I already know that and took care in invest­ing in short-term and inter­me­di­ate term matu­rity dates in both gov­ern­ment and cor­po­rate issued. She wasn’t con­vinced. So, I took it a step fur­ther. I said as calmly as pos­si­ble, that Dan and I real­ize our port­fo­lio is prob­a­bly val­ued at $150,000 less than what it is right now because the bonds are priced at his­toric highs. She must have real­ized I was so wrong that she invited us to come to her office for a com­pli­men­tary ses­sion and she will show us some “alter­na­tives.” I was not inter­ested in car­ry­ing on this con­ver­sa­tion and I am not going to waste my time and hers for this com­pli­men­tary ses­sion. I have read so much about the bond prob­lem and the hit bonds will take when inter­est rates increase, I have come to the con­clu­sion that what­ever “alter­na­tives” she offers comes with expenses and risk that both Dan and I will not accept. Sure, those alter­na­tives will prob­a­bly shielded us from the bond col­lapse but what are the OTHER risks with the alternatives?

A DIY Investor’s Insight

What risk would you rather take? The risk you don’t under­stand because some­body else rec­om­mended an invest­ment, or the risk that you under­stand it was a DIYer’s choice of investment?

But there was a valu­able insight that I gained as I drove home and con­tin­ued think­ing about this rare con­ver­sa­tion with a bro­ker. Rare because we keep our money away from the big banks and bro­ker­age firms. We DIY investors have unique approaches to this com­plex topic of invest­ing and per­sonal finance. When I shared with her about the real value of our port­fo­lio, that is a great exam­ple of how this (me) DIY thinks. To be fair to the broker’s work, NO FINANCIAL ADVISER could say to their clients that their port­fo­lio is really less than what its worth now. Heck, they would lose their jobs faster than pilot Chuck Yea­ger break­ing the sound bar­rier. All advis­ers work with oth­ers and if I were an adviser I would not say what I said to any of my clients either. But, I am not an adviser and my expla­na­tion that our port­fo­lio is really worth less because of our bond’s inflated prices is how this DIY investor under­stands risk. This under­stand­ing is pow­er­ful as we can stay the course when our port­fo­lio does take a hit when the bond inter­est rates finally rise.

By pre­dict­ing ahead of time how our port­fo­lio will decline when inter­est rates rise, Dan and I can accept a short term fall in our bond prices and in our port­fo­lio. If we were go with the broker’s “alter­na­tives,” who knows what kind of increased risk and increased asso­ci­ated fees and com­mis­sions we will have to take on and pay. The irony of this talk about rais­ing bond prices is that the decrease is off­set by the increase in the bond’s rate of return, which we all want. This long-term effect of bond invest­ing is rarely dis­cussed on invest­ment forums or the finan­cial media. Don’t we all want higher bond rates of return? Of course, we do.

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LAUSD’s Investment Workshop Employees’ Comments/Follow up

SammyHi LAUSD Colleagues!

Dan and I cer­tainly hope you were as sat­is­fied after attend­ing last week’s invest­ment work­shops as our con­tented 13 year-old Korean Jindo mix, Sammy. The eval­u­a­tion results showed you were!

Thanks for com­ing! This was our fourth work­shop as pre­sen­ters. We were happy to see col­leagues that I have worked with years ago look­ing so good. We had 73 par­tic­i­pants out of 120 that offi­cially reg­is­tered. The weather might have had some­thing to do with the 47 reg­is­tered no shows. It driz­zled much of the day. Still, it was a fab­u­lous expe­ri­ence for us to encour­age our col­leagues to save and invest for the future. The par­tic­i­pants asked good ques­tions and most stayed the entire day!  Con­tinue read­ing

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Stopping Financial Conflict of Interests

Stop­ping a $17 Bil­lion Con­flict of Interest

A new U.S. Labor Depart­ment rule pro­poses that bro­ker deal­ers, insur­ance agents, wealth man­agers and other finan­cial plan­ners put their clients’ inter­ests ahead of their own. Doing the exact oppo­site for decades by putting their inter­ests ahead of clients earns Wall Street and Insur­ance  com­pa­nies $17 Bil­lion annu­ally. If you have your nest egg invested with these peo­ple you remain very impor­tant to them. They are going to fight to keep you by claim­ing that invest­ing is too con­fus­ing for you and that reveal­ing the true amounts of money charged to you will be a denial of services.

The pur­pose of the reg­u­la­tion is to pre­vent sales­peo­ple and bro­kers from steer­ing unknow­ing con­sumers in high-cost poor-performing inap­pro­pri­ate invest­ments. By call­ing these prod­ucts “suit­able” the indus­try can avoid the ques­tion, “is this an hon­or­able, fair deal?” Of course, they are suit­able for the com­pany whose legal depart­ment wrote that con­tract you signed, but per­haps not so good for you. DOL’s pro­posed change requires a “fidu­ciary” rela­tion­ship between the prod­uct pur­vey­ors and clients. Dis­clo­sure of all the costs and thereby obvi­ous con­flicts of inter­est must be dis­closed. Con­tinue read­ing

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John Bogle says.…

John Bogle is in the news and quoted often for a damn good rea­son. It’s time to find out what the index­ing giant has been doing while cel­e­brat­ing his 85th birth­day. Below are links to four recents arti­cles about this great man and the com­pany he founded in 1975, Van­guard Group. His story and com­ments about the mas­sively pop­u­lar index­ing strat­egy has begun to rev­o­lu­tion­ize invest­ing for the ordi­nary chap.

The asset size of Van­guard Group grew from 180 bil­lion, almost 20 years ago to 1.25 tril­lion in 2008 to a now mas­sive 3.1 tril­lion. That’s a lot of money out of Wall Street bro­ker­age houses and big banks’ greedy bonuses and exces­sively high fees. We pay .13% cost for our port­fo­lio, all of our money is in Vanguard.

The Stock Mar­ket seems to be ignor­ing the big risks. Excerpt: John Bogle, founder of the Van­guard group, spots risks of a severe set­back in the stock mar­ket, but encour­ages investors to stay the course even if the ride gets bumpy.

Gold­man Sachs Loses Lus­ter Com­par­i­son Mutual Fund Per­for­mance. Excerpt: A slew of money man­agers and academics—Robert Arnott of Research Affil­i­ates, for exam­ple, and Andrew Lo at AlphaSimplexGroup—say they’re build­ing on what Bogle cre­ated. As they offer new cat­e­gories of pas­sive invest­ment prod­ucts, Bogle mostly grum­bles. Like­wise, as estab­lished money man­age­ment giants such as Black­Rock cut fees on some funds and expand their index offer­ings, he remains skep­ti­cal that they embrace his world view.

Street Talk about Buf­fett and Bogle by Jonathan Clements Excerpt: It’s a long-running debate: Should you trust your retire­ment sav­ings to an actively man­aged mutual fund that pays fees to a man­ager who hopes to beat the mar­ket. Or, is it bet­ter to pick a more pas­sive invest­ment strat­egy with lower fees? You’re prob­a­bly well aware of War­ren Buf­fet and John Bogle’s affin­ity for index invest­ment funds. Buf­fett, of course, is CEO of Berk­shire Hath­away, and Bogle is the founder of Van­guard Group. Wall Street Jour­nal colum­nist Jonathan Clements shares that affin­ity. He adds an inter­est­ing point to the dis­cus­sion: index funds, pro­mote good investor behavior. 

John (Jack) Bogle decries fat, dumb asset man­agers. Excerpt: When it comes to thought lead­ers in the invest­ment world, Van­guard founder Jack Bogle (85) ranks up there with the one year younger War­ren Buf­fett. Bogle fought tire­lessly to intro­duce the world to index track­ing pas­sive invest­ments, now more widely known as Exchange Traded Funds. His efforts ush­ered in a mas­sive new indus­try that today attracts the lion’s share of sav­ings in devel­oped mar­kets – and a grow­ing slice in devel­op­ing coun­tries like South Africa. In this superb piece to be pub­lished in next month’s Bloomberg Busi­ness, Bogle shows there’s plenty of fight left in this par­tic­u­lar old dog.

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CBS Money Watch’s “Report Card:” Teachers Earn an “A” on Investing!


CBS Money Watch Inter­viewed Dan and I about invest­ing and teach­ers. The fol­low­ing arti­cles are not just for teach­ers, but for ALL investors. 

CBS Money Watch finan­cial reporter, Kathy Kristof, pub­lished her arti­cle here based on data from this web­site Open­fo­lio.

Here is another arti­cle, “Why Teach­ers Make Good Investors,” for more infor­ma­tion about teach­ers and their remark­able invest­ment acu­men. But is it all that remark­able? Nope. It’s based on sim­ple and com­mon sense invest­ing behav­ior that we have heard before and will hear again. These three strate­gies used by teach­ers are avail­able to all:

1. Invest in stocks (equi­ties). Why? Money Mar­kets and sav­ings accounts can hurt you, long term, by inflation.
2. Don’t trade excessively.
3. Diver­sify.

The point is that teach­ers don’t have the time or the com­pet­i­tive desire to trade for the pur­poses of try­ing to beat the mar­ket. Dan and I loathe trad­ing. We have a Van­guard low cost, diver­si­fied plan with 35% of our port­fo­lio invested in stock indexes that are broadly diver­si­fied. We spend our retire­ment doing valu­able things for our com­mu­nity and travel.

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Looking for a GREAT Employer-Sponsored Retirement Plan?

kidsatschoolImage cour­tesy of deb­spoons at FreeDigitalPhotos.net

NEAThe edu­ca­tional lead­er­ship is begin­ning to look out for your best inter­ests. In case you missed it, Click here for my ear­lier post about the Los Ange­les Uni­fied School District’s 457(b), 2nd largest school dis­trict receiv­ing a “Plan Design” award. In this blog post, I am thrilled to dis­cuss another great plan, the NEA’s 401(k) plan. The Los Ange­les Uni­fied and the National Edu­ca­tion Asso­ci­a­tion, two of the biggest PreK-12 edu­ca­tion giants, avoided the his­tor­i­cally trou­ble­some Tax-sheltered Annu­ity TSA/403(b) and opted for the 457(b) and the 401(k), respectively.

403(b), 457(b) and 401(k) plans offered by pub­lic and pri­vate employ­ers defer income taxes and are poten­tially pow­er­ful vehi­cles for retire­ment sav­ings. But not all plans are equal. I will elab­o­rate the nec­es­sary con­di­tions which look out for our best finan­cial plan inter­ests as teach­ers, edu­ca­tors, welders, assem­bly line work­ers, sec­re­taries, MDs. attor­neys, all employ­ees. This requires the employer to hire finan­cial con­sul­tants and make avail­able invest­ment com­pa­nies in which both the con­sul­tants and com­pa­nies exer­cise fidu­ciary duty to the employees.

A great plan must have two com­po­nents: Con­tinue read­ing

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Rebalancing Our Retirement Portfolio and Our 40-Year Relationship

  From Fight­ing Over Money Issues: Twowomenarguing menargue arguingstaightcoupleTo Work­ing Together: BenHurHorsesWe think we have some­thing valu­able to say about cou­ple dis­agree­ments as we cel­e­brate our 40th anniver­sary this year. We believe our expe­ri­ence with finan­cial deci­sions will encour­age and inspire all cou­ples, whether les­bian, gay or straight, to see how we worked together despite some inher­ent money-related dif­fer­ences. Money prob­lems can be one of the most per­ni­cious dif­fer­ences among couples!

For almost a decade, we stayed with a 30%/70% stock/bond split. In our book, Late Bloomer Mil­lion­aires, we explain how we selected this allo­ca­tion. It was based on our age, the expected rate of return with mod­er­ate risk. Van­guard has a detailed arti­cle on the entire rebal­anc­ing ratio­nale and we urge you to read it to bet­ter under­stand how this works for your port­fo­lio (click here). Our cho­sen stock/bond split would pro­duce an aver­age annual return of 7.3%, which was good for our retire­ment needs and enough safety to with­stand a pro­longed bear mar­ket. Plus, a 7.3% return would meet or beat the infla­tion rate (See this table from Van­guard).
Dur­ing the last year, our split has shifted from a 30%/70% to 47% stocks/53% bonds. This off bal­ance allo­ca­tion of increased stocks and fewer bond hold­ings takes us off our plan.

The fol­low­ing events trig­gered this shift:

• The equity allo­ca­tion of our port­fo­lio has grown as the stock mar­ket hit record highs (Stock mar­ket growth).
• We sold a bun­dle of bonds to pur­chase the Tesla (our deci­sion).
• Dan trans­ferred his $125,000 Roth IRA into Van­guard Welling­ton which has 60% in Stocks and 40% in bonds (Dan’s decision).

All three events shifted our port­fo­lio into a more aggres­sive allo­ca­tion. We need to shift back to our orig­i­nal 30/70 stock/bond split.

Get­ting off bal­ance and find­ing our way back to our orig­i­nal plan.

Dan Writes: Steve and I have been con­tent with the 70% bond 30% stock split — until now. Sev­eral fac­tors have led to a small change in my think­ing which resulted in mov­ing my Roth bond money to Van­guard Welling­ton. This has con­tributed to some upset in our per­cent­age plan and led to con­ster­na­tion with Steve. Con­tinue read­ing

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How Does Irony Explain the 403(b)/TSA “Safe” Money “Guarantees”?


Tax-sheltered Annuity’s (TSA) Long and Sor­did History



For 54 years the Tax-sheltered Annu­ity (TSA) retire­ment plan has had run­away sales in the bil­lions of dol­lars to a very spe­cific clien­tele: PreKindergarten-12th grade edu­ca­tors. School employ­ees are famil­iar with the “TSA” label, which has been per­ma­nently estab­lished in the edu­ca­tional cul­ture as books and pen­cils are to stu­dents. Why has the sale of this one inap­pro­pri­ate and costly prod­uct been so successful?

  1. From 1961 to 1974, the TSA was the only prod­uct avail­able. Since 1974 low-cost mutual funds have been avail­able, but few edu­ca­tors know about them. Even in 2015, annu­ities of all kinds (indexed, fixed and vari­able) are often pre­sented by insur­ance agents as the only prod­uct available.
  1. Over the decades, the TSA sales force has been every­where and has made friends with tens of thou­sands of teach­ers, cafe­te­ria work­ers, office man­agers, union offi­cers, cus­to­di­ans and principals.

Con­tinue read­ing

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Welcome UTLA Members

UTLA WELCOME!My name is Steve Schullo, retired LAUSD ele­men­tary teacher and for­mer UTLA mem­ber. Dan Robert­son, also a retired edu­ca­tor, and I cre­ated this blog to start a con­ver­sa­tion about retire­ment plan­ning using our district’s vol­un­teer retire­ment sav­ings plans. This topic is rarely talked about in edu­ca­tional cir­cles. Far too many of our col­leagues have no idea what annu­ities are and the costs asso­ci­ated with those “guar­an­tees.” The district’s vol­un­teer sup­ple­men­tal 403(b) and the 457(b) plans can be a sig­nif­i­cant addi­tion to our retire­ment nest egg, if we know more about them.

We use this blog to share our per­sonal finance expe­ri­ences and dis­cov­er­ies over decades of plan­ning. We aren’t finan­cial pro­fes­sion­als. We share what we’ve learned from our invest­ing mis­takes and suc­cesses. We all want bal­anced and secure retire­ment nest eggs.

LAUSD’s 457(b) Won a “Plan Design” award!

Did you know that LAUSD won a “Plan Design” Award? Click here to see Dr. Sandy Keaton, Miriam Hiron­imus, Ben­e­fits Man­ager and myself (Steve) talk about how this award came to fruition in a 7 minute video taped inter­view from the pro­fes­sional orga­ni­za­tion that granted the award (Click here for invest­ment options).  Con­tinue read­ing

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Book Review: Author did the job for her client’s best interests, now is the time us K-12 educators to demand ours!

Sec­tion 403(b) Com­pli­ance Guide for Pub­lic Edu­ca­tion Employ­ers
by Ellie Low­der
Book Review and an Edi­to­r­ial by Steve Schullo


As a retired teacher serv­ing on my district’s 403(b)/457(b) Retire­ment Invest­ment Advi­sory Com­mit­tee, I read this book with great inter­est. While it’s a com­pli­ance guide writ­ten for dis­trict employ­ers and their ben­e­fit admin­is­tra­tors, every pub­lic edu­ca­tion employee should read this review. Ms. Low­der omit­ted the impor­tant con­se­quences for teach­ers of this often times expen­sive and inap­pro­pri­ate retire­ment sav­ings plan. My pur­pose is to spark the inter­est of my col­leagues to dis­cover and either reform this ancient 403(b) or replace it with the 457(b) plan.
Both plans are offered for our nation’s PreK-12 pub­lic school edu­ca­tors. The older 403(b) plan has not always been in the educator’s best inter­est. Ms. Low­der has been the 403(b) con­sul­tant for school busi­ness offi­cials and insur­ance indus­try pro­fes­sional orga­ni­za­tions as evi­denced by three pre­vi­ous edi­tions of this book aimed at Pub­lic Edu­ca­tion Employ­ers and the fol­low­ing connections:

• Her book’s co-publisher, the Asso­ci­a­tion of School Busi­ness Offi­cials Inter­na­tional (ASBO Inter­na­tional). Coin­ci­dently, the author and the book’s intended audi­ence appear well-connected.
• Ms. Low­der has many addi­tional con­nec­tions with a long career in the insur­ance indus­try. The industry’s best-selling prod­uct, the Tax-sheltered Annu­ity (TSA), has dom­i­nated PreK-12 mar­ket since 1961. The TSA is a hard­ened and known brand name that is as famil­iar to the major­ity of pub­lic school employ­ees as books and pen­cils are with stu­dents.
• She is the co-author of “The Source: 403(b) and 457(b) Plans (NTSAA-ASPPA)”, National Tax Shel­ter Accounts Asso­ci­a­tion (new name, National Tax-deferred Sav­ings Asso­ci­a­tion (NTSA) and Amer­i­can Soci­ety of Pen­sion Pro­fes­sion­als & Actu­ar­ies.
• The NTSA his­tor­i­cally rep­re­sents annu­ity sales­peo­ple, spe­cific to PreK-12 school dis­trict mar­kets across the coun­try.
NTSA, ASPPA (and Wall Street) have opposed fidu­ciary reforms ini­ti­ated by the Fed­eral government’s Depart­ment of Labor. They have twice suc­cess­fully stopped our state 403(b) reforms efforts to update our insur­ance code, 770.3. Cur­rently, the ASPPA is gear­ing up their oppo­si­tion to the lat­est DOL fidu­ciary efforts by writ­ing a notice to mem­bers. Chris DeGrassi – NTSA Exec­u­tive Direc­tor wrote: Fidu­ciary Pro­posal Expected in State of the Union; Coali­tion Steps up Effort, Jan­u­ary 16, 2015. The rhetoric clearly indi­cates that the core of the issue tar­gets IRA rollovers and the insur­ance indus­try.   It’s not just the Pres­i­dent and the DOL, Supreme Court jus­tices are also chim­ing in on fidu­ciary issues dur­ing ini­tial oral argu­ments in the Edi­son Inter­na­tional case (Click here for addi­tional infor­ma­tion).
• The author served as national sales direc­tor for qual­i­fied annu­ities at Transamer­ica Life & Annu­ity Com­pany and was the chief mar­ket­ing offi­cer for Delta Life & Annu­ity, ear­lier in her career.

Her insur­ance indus­try career and pro­fes­sional con­nec­tions speak for them­selves about her posi­tion sup­port­ing the pro­duc­tion, sell­ing and mar­ket­ing of insur­ance prod­ucts. Her long and col­or­ful career makes her a major force and an indus­try ringer for the 54 year-old, sta­tus quo, high-cost, low per­form­ing TSA/403(b) in PreK-12 school dis­tricts. She has served the indus­try and their con­stituents well.
This fourth edi­tion updates the 2007 Inter­nal Rev­enue Ser­vice (IRS) new reg­u­la­tions. These new require­ments are momen­tous to school dis­tricts as the IRS requires school dis­tricts to be respon­si­ble. This book shows dis­trict ben­e­fits admin­is­tra­tors how to com­ply with the new reg­u­la­tions and to clear up mis­in­for­ma­tion. For the record, the IRS new regs did not reform the 403(b) as I will elab­o­rate in my review and edi­to­r­ial.
Lowder’s guide con­tains 19 chap­ters. Out­side the occa­sional legalese expected in a com­pli­ance guide, the 103-page book is an easy read. While not a pro­fes­sional ben­e­fits admin­is­tra­tor, I am famil­iar with the jar­gon and many of the laws as a knowl­edge­able and expe­ri­enced con­sumer of 403(b) prod­ucts. My quib­ble with the writ­ing style is her fre­quent use of par­en­thet­i­cal and “how­ever” phrases, which dis­tract rather than add to the con­ver­sa­tion. She ends the book with a com­pli­ance check­list for the 403(b) and the 457(b) and rec­om­mended forms from ASBO Inter­na­tional resources.

The Author Did Her Job

The author did exactly what any impor­tant con­sul­tant would do for clients. If no sus­tain­able teacher com­plaints nor a demand for fidu­ciary, trans­parency, eth­i­cal or objec­tive infor­ma­tion mate­ri­al­ize, pub­lic edu­ca­tion offi­cials will be in legal com­pli­ance with the IRS new 403(b) reg­u­la­tions.
What a won­der­ful oppor­tu­nity for lit­tle old me to offer the educator’s view. Noth­ing wrong with bal­ance between the cus­tomer and the indus­try. Together we can improve and reform the 403(b) so that it best serves every­one.
As a 20-year advo­cate, just because 403(b) legal sta­tus is jus­ti­fied, that doesn’t auto­mat­i­cally mean it also has an eth­i­cal sta­tus. With a higher eth­i­cal stan­dard, every­one ben­e­fits. Cur­rently, the 403(b) does not pass the smell test, until the 403(b) is dis­cussed, dis­closed and debated pub­licly by the peo­ple who pay the costs, the teach­ers. The good news is that there is plenty of room for a higher eth­i­cal stan­dard within the cur­rent reg­u­la­tions. Plus, we have a huge prece­dent with the country’s sec­ond largest school district–LAUSD’s Award Win­ning 457(b) plan! I will be dis­cussing this legal and eth­i­cal exam­ple shortly.

Thank You Ms. Low­der for Pro­vid­ing a forum for My Review

I am grate­ful the author wrote this book as it pro­vides the oppor­tu­nity to elab­o­rate in detail on the eth­i­cal short­falls of this mys­te­ri­ous, sur­real sys­tem. Spe­cific 403(b) books for PreK-12 edu­ca­tors are rare. I enthu­si­as­ti­cally agree with her com­mu­ni­ca­tion rec­om­men­da­tions with edu­ca­tors. I dis­agree with a few of the author’s per­cep­tions about how the 403(b) man­i­fests in the real world. Thus, I am using this extra­or­di­nary oppor­tu­nity as a call-to-action for whole­sale reform, so that the 403(b) sys­tem ben­e­fits all stake­hold­ers, not only the insur­ance indus­try and dis­trict ben­e­fits admin­is­tra­tion. Reform starts from active and informed class­room teach­ers and coura­geous ben­e­fit admin­is­tra­tors. I remain hope­ful that union pol­icy mak­ers will also take notice. By the time you fin­ish read­ing this review and edi­to­r­ial, you will be con­fi­dent enough to ini­ti­ate a much-needed dis­cus­sion at your dis­trict, union or ben­e­fits office.

Huge Omis­sion!

Con­tinue read­ing

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