LAUSD’s Award Winning 457(b) 10th Birthday!
Ten years ago a brilliant benefits administrator, George Tischler (now retired), launched Los Angeles Unified District’s 457(b) plan. Since then, our advisory committee has lowered costs and selected more index funds with broad diversification. It is the model which all employer-sponsored retirement plans should follow because the plan and the advisory committee follows the fiduciary standard. My free eBook, Fighting Powerful Interests, is about the history, development and the reasons why the Award Winning 457(b) became an option in 2006. Since I have been on the advisory committee, we have followed the fiduciary standard since day one for good reason–to look out for your best financial interests.
This blog post is for all public educators who want to discover how to use the 403(b) or the 457(b). It is specifically for my LAUSD colleagues. I will discuss fiduciary standard, a little history of our complicated relationship of LAUSD, its employees, insurance industry’s 403(b), and why the 457(b) came into fruition to fix and clarify the historical and often corrupted 403(b).