An Even Fishier Smell in the Teachers' Lounge 🐟🐠🐡
October 15, 2019
I have written about the “fishy” smell in teachers' lounges. That’s when high commission 403(b) sales agents spring for “free” breakfasts and lunches for teachers. It is a common practice and often how teachers fall victim to expensive, unsuitable 403(b) products. Crystal, a Los Angeles area teacher, described just such an experience in a story for our previous .com site.
Perversely named ValuTeachers has taken this to a whole new level. Not only do they provide “free” food, but they actively recruit former teachers to sell 403(b) products. Talk about friendly fire.
What's really on the menu?
Maybe if fees in his 403(b) weren't so high
he wouldn't have to do this.
The best way to think about ValuTeachers is that their logo, a well-eaten apple, represents all that is left of a teacher’s 403(b) savings after costs have chewed away much of the balance.