403(b) cluster****

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Apr 18, 2008 3:41 pm

Any suggestions for who can handle setting up a plan for a school next year?  I know Hartford has a plan, but I have not had great experiences with them administering large plans before, so I wanted to see who else is out there. 

 
I'll check with my BD for what's out there, but they probably aren't going to be helpful telling me who has good service and who I should avoid.
 
Thanks.
Apr 18, 2008 3:56 pm

Metlife and American Funds have plans.  I have had some proposals run on 401K programs through American.  They have multi manager and AF only platforms.  One call and I had 4 different versions through different administrators.  However, I didn't have any follow up from the wholesaler and the client has put me on hold with the process.  Metlife is big in 403b programs, so the teachers are probably familiar with them, but you may not be the only guy offering them as an option.   

Apr 18, 2008 4:31 pm

I was told that American didn't have one, although I guess I should have made the call myself.  My assistant is great, but sometimes she doesn't convey to me when she doesn't understand my question.  When she doesn't understand my question, then sometimes we don't get an accurate answer. 


 
Spiff, that's 2x in the last 2 days you have given me very useful info, thanks.
Apr 18, 2008 5:48 pm
EDJ4now:

I was told that American didn't have one, although I guess I should have made the call myself.  My assistant is great, but sometimes she doesn't convey to me when she doesn't understand my question.  When she doesn't understand my question, then sometimes we don't get an accurate answer. 


 
Spiff, that's 2x in the last 2 days you have given me very useful info, thanks.
 
My assistant gets the right answers to the wrong questions quite often.
Apr 19, 2008 10:11 am

We have a link on our retirmement plan marketing page that gives all of the vendors that have various products.  American Funds was listed as having both 403bs and 403b master plans.  I assumed you were talking about the master plans, so I hit the AF website and found a like there.  I just double checked to make sure I wasn't smoking anything that day.  If you log into the Advisors site then click the link that says Products (left hand side of the page) you'll find their 403b info.    


I'm here to defend EDJ and help when I can.  
Apr 19, 2008 2:45 pm

If you are going to pursue this, American Funds probably isn't your company.  You need to be able to offer the school district BOTH traditional and Roth 403(b)s and American Funds doesn't have a Roth 403(b) and have no plans to offer one -- there have been rumors that they either want to get out of the 403(b) marketplace or don't want to expand beyond the plans they currently have.


Security Benefit has a mutual fund plan -- it pays almost nothing.  ING and AXA Equitable are players using fixed and variable annuities, both traditional and Roth 403(b)s.  Good luck -- with the new IRS regs it is making life interesting.