403(b) Audit
March 19, 2024
Ever wonder how financial companies hook so many educators on high-fee financial products? The following sales email is from TDS (Tax Deferred Solutions). It should be noted that their owner was arrested in what the California Department of Insurance called a “$10 million securities fraud scheme.”
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Hi Educator,
Have you had your 403b/457b benefit reviewed or audited recently? In light of the current economic and market conditions, you may want to review your 403b/457b contributions or have questions about how your assets are allocated. If you are not contributing to a 403B or 457B, we can provide a Retirement Income Gap Analysis, to determine how much, if any, extra you should be saving.
Begin Audit
In your retirement plan account audit, you will discover the following:
- Do your deductions match the amount received by the investment provider(s)?
- Are your contributions going to the correct account(s) and vendor?
- Was each account set up correctly and in compliance with the IRS?
- Are your account(s) still receiving funds?
- Finally, have your account(s) matched your performance expectations?
- Can you access your funds early without IRS penalties?
- Do you have a significant Retirement Income Gap between pension income and projected needs?
- An audit specialist will assist you in receiving your Benefits Audit Report.
If your Audit / Benefits Specialist already has access to your account data, they will have your report ready in time for your call. If more information is needed, you will just have to answer a few questions before the audit report can be completed.
After the call with your audit specialist, you will also receive an Income Retirement Gap Report, which will estimate your combined pension and 403B/457B contribution income into the future. This report also takes into consideration your cost of living and post-employment financial needs and calculates if there is a possible gap. This information will be posted in your confidential Employee Benefits Portal.
Best Regards,
TDS Benefit Counselor
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Fee Talk?
Where's the information on the importance of keeping investing costs low? Nowhwere and that's by design.
TDS Right About One Thing
Most K-12 403(b) participants do need a plan review; by a fiduciary advisor who will almost certainly recommend they dump red-rated vendors for green-rated ones.
Stay wise and well (and demand that your district stop these kind of solicitations).
