My name is Steve Schullo*, retired LAUSD elementary teacher, and former UTLA member. My life was torn apart recently with the sudden death of the love of my life–Dan**. He was also a retired educator. Together, we created this blog three years ago to start a conversation about retirement planning using our district’s volunteer retirement savings plans. Now, I continue to write blog posts about retirement planning. I invite you to subscribe to my blog as I provide information about LAUSD’s retirement savings plans, 403(b) and the Award Winning, 457(b).
The district’s volunteer supplemental 403(b) and the 457(b) plans can be a significant addition to our retirement nest egg. Unfortunately, our union and district don’t offer guidance and that is precisely why I wrote two books and created this blog.
I use this blog to share my personal finance experiences and discoveries over decades of planning. I am not a financial professional. I share what Dan and I learned from our investing mistakes and successes. We all want secure retirement 403(b) or 457(b) nest eggs to supplement our CalSTRS benefit.
LAUSD’s 457(b) Won a “Plan Design” Award!
Were you aware LAUSD won a “Plan Design” Award for the 457(b) plan? Click here to see Dr. Sandy Keaton (former UTLA Retirement Issues Committee), Miriam Hironimus, (LAUSD Benefits Manager) and I talk about how this award came to fruition in a 7-minute videotaped interview from the professional organization that granted the award (Click here for the 457(b) investment options).
What is a 457(b), you might ask? Where and how do I start? Why is my hyperactive sales person talking over my head? These questions will be answered at a Saturday morning workshop on Saturday, April 16, 2016.
MARK YOUR CALENDARS!
UPDATE: October 7, 2017, Another Investment Workshop Will be Offered.
Over 500 UTLA members have attended one or more investment workshops in the last five years. This workshop will be another half-day event with several speakers. Registration link: www.utla.net/contact/investmentworkshop100717. A detailed agenda of each presenter and the topics covered will be available on this blog in October 2017. Subscribe to this blog to keep up with this event. In the meantime, you can read some of the 100+ blog posts I have written over the last 4.5 years.
The workshops focus on investing basics and knowing about the district’s 403(b) and the 457(b). These plans can be powerful savings programs. Here is the reality of our profession: CalSTRS is a fine pension, but no pension was created to support our retirement 100%. Only a few lucky LAUSD employees can work for 38 or more years get almost 100% of their salary, without risks to one’s health or other unpredictable life challenges. How many of us want to work with all of that stress for that long? Heck NO! Because I my 403(b) investments I only taught for 24 years for LAUSD and could retire at 61 with 49% of my salary from my CalSTRS pension. I had plenty of financial security.
Here is the reality of our profession. CalSTRS is a fine pension, but no pension was created to support our retirement 100%. Only a few lucky LAUSD employees can work for 38 or more years get almost 100% of their salary, without risks to one’s health or other unpredictable life challenges. How many of us want to work with all of that stress for that long? I didn’t. Because I my 403(b) savings I only taught for 24 years for LAUSD and retired at 61 with 49% of my salary from my CalSTRS pension. The rest of my retirement financial support is from my 403(b) investments in mutual funds (Not annuities).
Click here and read what UTLA members said about past investment workshops.
If you want to read future blog articles, and download “Fighting Powerful Interests,” fill out the subscription form. All blog posts and information are free and you can post responses or ask questions. This is an opportunity to continue your education. You can opt out at any time, or you can come on my blog and read without subscribing. All of the information and articles I write are completely complimentary.
I have been writing about investment topics for 20 years because our colleagues, you, deserve the information. You might recall my United Teacher newspaper investment articles back in the 1990s and 2000s. The theme was to help colleagues pay more attention to the 403(b), get out of high-cost insurance products and into low-cost, non-commissioned, no-load mutual funds.
My Recent Blog Articles Reflecting LAUSD Retirement Planning News
- LAUSD Roth Option? Join the movement to get LAUSD to offer a Roth: click here for Hamilton High Teacher Larry Sholam explaining the Roth advantage. His special email: roth4lausd@gmail.com. He is organizing a campaign and needs support.
- LAUSD 403(b) vendors are linked to CalSTRS 403bcompare.com for objective financial information: click here. If you have a 403(b) annuity, check out the insurance company.
- 403(b) Vendors are prohibited from making presentations and meeting with teachers on campuses.
Selling 403(b) products on district property is PROHIBITED! LAUSD’s BUL-6178.0. Read Arlene Inouye’s, UTLA Treasurer and Sandy Keaton’s, Former Chair of UTLA PreRetirement Committee, article in the UT, click here or read committee member Brad Rumble’s article, click here. There are reports that 403(b) annuity vendors are still presenting at meetings and professional development. This is against district policy. Ask them to leave, report to your UTLA Chapter Chair or report to school police.
- Is a TSA an Investment? NO! Here’s why: click here for my article.
I want you to find this blog informational and encouraging to pay attention to your 403(b). There are many sales people around campuses that sell stuff that is in their best interests, not yours. If you have any questions or want specific information, just email me at steve.schullo@latebloomerwealth.com. Or better yet, post your question here so everybody gets to see the questions and answers.
Best of fortunes,
Retired LAUSD elementary teacher, Steve Schullo