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Daniel Alexander on August 2, 2018

Truly committed people do make a difference – Barbara A. Healy April 21, 2015

“Steve tells a very engaging true story about taking on bureaucrats with combined tools of integrity and tenacity. He is a true advocate for all investors but especially the K-12 education employee. This is a great narrative on actual events that lead to “retirement plan” reform at Los Angeles Unified School District. I am honored to know Steve and be part of this story. I am honored to work with all the Retirement Investment Advisory Committee and LAUSD and applaud their commitment and hard work.”

A shocking account of a bad LAUSD 403(b) plan that was open-access by California state … – Yogibearbull November 29, 2015.

A shocking account of a bad LAUSD 403b plan [Los Angeles Unified School District] that was open-access by California state law. Open-access meant that any vendor could be listed resulting in a huge number of plan vendors and options. Not all 403(b)s are like that. A solution was found by switching to LAUSD 457(b). The CA state law should be changed as open-access conflicts with fiduciary guidelines from the IRS. In my retirement plan in Illinois, both 403(b) and 457(b) with selected options were available

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Downloading instructions: After clicking on the download button, wait for up to a minute for the download to complete. If you are running Windows, look for the downloaded book on the lower-left corner of your computer monitor.  If you have problems email me at steve.schullo@latebloomerwealth.com and I will send you a pdf copy.

Steve’s BIO:

Stephen A. Schullo, Ph.D. (UCLA ’96) taught in the Los Angeles Unified School District (LAUSD) for 24 years and UCLA Extension teaching educational technology to student teachers. Steve wrote investment articles for the United Teacher-Los Angeles (UTLA) union newspaper for 13 years. Thrice featured retirement plan advocate in the Los Angeles Times and U.S. News and World Report. He co-founded an investor self-help group 403bAware for teacher colleagues and wrote 7,500 posts in three investment forums since 1997. Frequently quoted by the media, testified at California State legislative hearings and honored with the “Unsung Hero” award by UTLA for his retirement planning advocacy.

For the last 14 years, he serves as a volunteer on LAUSD’s Investment Advisory Committee as a “Member-at-Large” and former co-chair. The committee contains collective bargaining reps from the unions and monitors the district’s tax-deferred retirement plans, 457b/403b, of 55,000 former and current LAUSD employees, worth $2.5 billion in total assets.

He started this blog in 2012 to help all PreK-12 public school educators nationwide, especially his Los Angeles Unified School District colleagues. He belongs to a small national group of 403(b) advocates (mostly teachers) who want to bring closer attention to the 403(b). During the last 20 years, over 30 newspaper articles have been published and each one says the same thing, TSAs (Tax Sheltered Annuities) are terrible plans and the salesperson gets the benefit from lucrative commissions and high costs. By evidence that little has changed, it appears that nobody in the educational establishment reads these newspaper reports.