The Advisor - September 2011

IMPORTANT NEWS FOR YOUR FINANCIAL AND PERSONAL FUTURE

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Open Vendor Law and 403bCompare.com

  • California law requires your employer to offer an open vendor access model to employees for the 403(b) plan. This legislation was created because you can get a 403(b) plan only from your employer. These are your savings plans, so you have a right to choose your 403(b) plan and associated vendor. As a result, there are many vendors offering products to educators. To address the free choice and multi-vendor market, legislation was passed that developed a central database of all 403(b) vendors, including fees and performance information.
  • You can go to 403bcompare.com and find information on the vendors approved by your district and compare product offerings and fees.