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Dan's Blog

403(b) Plan Goes from F to a C 👏👏👏

April 26, 2022

Thanks to the awfulness below, Central Point School District 6 in Central Point, Oregon once had an F rating for it's 403(b) plan (grading system).

  • AIG Retirement Services (formerly VALIC)
  • American Fidelity Assurance Co.
  • Invesco OppenheimerFunds
  • Voya Financial (VRIAC)

One Weird Trick Moved District to a C

So what did Central Point School District 6 do to jump two grade levels? It simply added Vanguard. That's it. It should be noted that a "C" grade can still be a problem, however. Unless employees in this district are educated about the 403(b), most will fall for the high-cost companies sales agent trawling the school and employee email in-boxes. 

Omni & TSACG Compliance Services

This district, like so many others, utilizes Third Party Administrator (TPA) Omni & TSACG Compliance Services widely adopted 403(b) program called Preferred Provider Program (P3). The company touts it as a “significant cost savings-no hidden fees” plan. Those are their words not ours. The 35-company list is littered with “Red” vendors. There are a few “Green” vendors including Aspire and Vanguard. Unfortunately, we have seen vendor lists like the one for the Rochester City School District in Rochester NY, and until recently Central Point School District 6, that lack Vanguard. If your plan is served by this TPA, request that Fidelity and/or Vanguard be added. If they refuse, rally colleagues using our Advocacy resoures and the 403bwise Facebook Group

Stay wise and well (and demand that your disrict plan has at lease one green vendor.)