Teachers are being ripped off in their 401(k)-like supplemental retirement savings plan, the 403(b). Financial companies are preying on them. Unions and school districts aren’t looking out for them. Educators are literally losing out on hundreds of thousands of dollars in retirement savings. In this 5-part series, teachers share how they were sold high-cost annuity products, the barriers they face to getting better, lower-cost investment choices, and the growing advocacy movement working to fix the K-12 403(b).
The fiduciary advice model couldn't be more different than how most K-12 403(b) products are sold. Fiduciary advisors discuss how they work in the best interest of their clients. Resource for Finding and Working with the Right Kind of Financial Advisor Tony & Dina Isola Delia Fernandez
Teacher Barb Besal discusses narrating Learned by Being Burned: Teachers and the K-12 403(b). Veteran journalist Steve Buel shares how he researched, reported and wrote the series. Barb Besal Pod Teach and Retire Rich Interview from November 2020
In the final episode of the series, we share 403(b) advocacy success stories. We also learn how one district moved from 14 vendors to one low-cost option. Finally, we discuss what can be done to continue improving the quality of K-12 403(b) plans, and what role unions, school districts and the government should play in the fight to ensure that teachers and school employees are offered the best possible retirement options.
National grassroots advocacy movement striving to reform the 403(b) faces obstacles from school districts, unions and the insurance industry.
Teachers learn that breaking up with their financial company is hard to do. They also discover that they can count on little help from their employer, their unions, and the federal government.
Learned by Being Burned: Teachers and the K-12 403(b). The short series that explores the dysfunctional world of supplemental retirement plans, the maddening industry behind them, and the growing movement to fix what is broken.
Learned by Being Burned: Teachers and the K-12 403(b). The short series that explores the dysfunctional world of supplemental retirement plans, the maddening industry behind them, and the growing movement to fix what is broken.
Learned by Being Burned: Teachers and the K-12 403(b). The short series that explores the dysfunctional world of supplemental retirement plans, the maddening industry behind them, and the growing movement to fix what is broken.
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