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November 02, 2016

403(b) plans in the news

The New York Times has published a number of articles in the past few weeks that pertain to 403(b) plans. These articles have reinforced the notion that selecting the appropriate 403(b) provider for supplemental retirement savings can be a challenging task.

While recent legislation has been passed to help clean up the industry regarding disclosure of fees, compensation and even accepting a fiduciary role, governmental 403(b) plans have remained mostly exempt from these regulations.

In light of this, NYSUT Member Benefits would like to take the opportunity to remind local associations about the options that it has put in place to assist NYSUT members with these important financial decisions. These include our 403(b) Field Guide publication, online Financial Planning Center and endorsed Financial Counseling Program (available on a Voluntary or Group basis). School districts can also offer the New York State Deferred Compensation Plan (457(b) plan).

Click here for more information.