Dan's Blog
"Fine" 403(b) Companies
August 9, 2022
Last week Scott Dauenhauer, CFP® and I presented to a group of Florida teachers about the 403(b) and 457(b). I included a slide about the Equitable-SEC settlement. Scott thought we should note other companies that have paid a financial penalty for nefarious behavior. So he did a little digging. Here’s a sampling of what he found...
This is Not Fine
- SEC Announces $97 Million Enforcement Action Against TIAA Subsidiary for Violations in Retirement Rollover Recommendations
- Insurance Giant (MetLife) to Pay a $20 Million Fine and $5 Million to Customers for “Negligent” Misrepresentation and Omissions, According to FINRA
- Primerca, Setting Aside $9.3 Million Settlement
- (Delaware) Attorney General Jennings Secures Relief for Over 120 Teachers in Connection with Their (Horace Mann) Retirement Accounts
- Palm Beach Gardens Brokerage Firm (GWN Securities, Inc.) Fined for Overcharging Customers
- SEC Charges VALIC Financial Advisors with Failing to Disclose Payments to Promote Services to Florida Educators
Only a Sampling
This is not an exhaustive list. But, hopefully, you get the point. Too many companies selling 403(b) products in the K-12 403(b) marketplace do not have their customers best interests in mind. Avoid them.
Grab the Reins
School Districts: It's time to take control of your 403(b) platform. See our Vendor Ratings.
Stay wise and well (and give your employees access to only the best financial firms).
