NTSAA Defends Public School Employees Retirement Choices
ASPPA News From the Field
LAS VEGAS (May 3, 2012) The 2012 NTSAA Compliance Conference kicked off this morning with a presentation by Chris DeGrassi, Executive Director of NTSAA, on the state of the 403(b) market. In reviewing some of the events of the past year, DeGrassi made it clear that our business is under attack. Under the guise of Consolidate, Reform, and Monopolize, some 403(b) companies have a stated goal: no independent K-12 403(b) professionals in five years.
The reasons are not hard to discern. K-12 403(b) plans represent approximately $100B in assets and there is a well-funded campaign to promote mandatory, single provider, state-sponsored 403(b) programs. The good news is that NTSAA/ASPPA is not taking the attack lying down. Over the past several months NTSAA has helped assemble a coalition of stakeholders to protect educators’ right to choose their provider. One key in defeating single provider models, is to promote fee transparency. Additionally, as states consider possibly moving from a defined benefit to a defined contribution plan, the plan of choice should be a 403(b). Other key advocacy points include the importance of local school districts maintaining investment choice, having 403(b) programs be administered by product neutral third party administrators (TPA), and to have all product providers comply with uniform fee disclosure standards.
For a more detailed description of state legislative activity, and for NTSAA tools promoting these positions, DeGrassi encouraged everyone to check the www.savemy403b.org site frequently. He also stressed the importance of growing NTSAA membership so we can be more effective in having state legislators listen to our point of view.
David Blask
CPC, TGPC
NTSAA Member since 1980
Senior Pension Consultant
Lincoln Investment Planning, Inc.
Related posts:
- NTSAA Hosts 2012 Compliance Conference The NTSAA Compliance Conference is a national forum for professionals...
- NTSAA Hosts 403(b) Advisor Summit Retirement professionals gather with industry experts and business leaders in...
- New Fee Disclosure Solution Released by NEA, NTSAA & ASPPA Joint 403(b) Taskforce Partners of the 403(b) Transparency Taskforce including the National Education...
- NTSAA … the Place to (b)! The National Tax Sheltered Accounts Association (NTSAA) is the place...
Related posts brought to you by Yet Another Related Posts Plugin.
Category: Member Focus
