“Motion: Moved that Benefits Administration include a link to the PBS Frontline special “The Retirement Gamble” on the CalSTRS 457b marketing email blast to all eligible employees. http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/retirement-gamble/the-retirement-gamble-facing-us-all/
Rationale—IT’S FREE and available for all to see 24/7! The oversight advisory committee urges employees to watch this public service documentary that was broadcasted nationally on April 23, 2013. This is a rare public service documentary about an important topic—retirement planning. LAUSD is fortunate to have three of its own elementary teachers featured in the broadcast. It is part of the advisory committee responsibility to recommend to the CFO any FREE public service ideas to remind employees to save for retirement.”
Motion was Tabled Until the August Meeting
My motion was tabled because members were concerned that people might get confused about the several topics brought up in the broadcast, pension plans are disappearing (educators’ pension plans are not) and the fee explanation might overly frighten some employees on what to do about it. I will write an introduction to the motion to provide a better rationale for the potential email.
Questions
- In preparation for re-introducing my motion at the next meeting, what do you think?
- Do you think that LAUSD (or any employer) should provide a link to the broadcast to all employees?
Thanks in advance,
Steve Schullo, Member-at-Large
I encourage full disclosure and continuing education.
Some might argue that the Board will be going down the slippery slope of too much information. My opinion is the Board should have an open source section of minutes that documents everything available–especially on fees.
For example:
http://www.401Kfee.com/how-much-are-high-fees-costing-you
Hi Ted,
This doesn’t have to pass the board of education. The CFO has to approve it as she is the fiduciary. Our committee first has to approve it and then the motion is sent to the CFO for her final decision.
To me, it sounds like a no brainer, so I was surprised at the reaction of some members.
Thanks,
Steve
I just watched the special on Pbs…teachers should see this…Many of us had prior careers and money in 401Ks, and many will leave teaching before they vest retirement..The more informed we are – the better
Steve,
I watched the Frontline documentary,The Retirement Gamble, and I thought it was very clear and informative. With any financial information, there is always a possibility that some may find certain aspects confusing; however, that is not a good reason to avoid exposure to educational material. I consider myself an intelligent person aspiring to be an informed investor. I have been studying personal finance independently for many years, and I often find some new information unclear to me, which leads me to do further research.
In answer to your questions:
Q: In preparation for re-introducing my motion at the next meeting, what do you think?
A: I think that it would be useful to provide some sort of annotated bibliography and video reference list for LAUSD employees interested in learning about retirement preparation. It would be possible to mention in the annotation how the STRS and PERS pensions differ from the information presented in the documentary, and how 403(b) and 457(b) plans differ from the 401(k). Likewise, it would be possible to mention how other references apply to LAUSD employees.
Q: Do you think that LAUSD (or any employer) should provide a link to the broadcast to all employees?
A: Yes. think that providing a link to the broadcast would be a useful part of providing educational, financial information to employees.
Sincerely,
Vicky R
LAUSD Teacher