NJ School Throws Teachers Under the Bus
October 3, 2023
Thanks to the non-ERISA (no employer fiduciary duty), multi-vendor K-12 403(b) environment, it's hard enough for teachers and school employees to make wise 403(b) investing choices. But a New Jersey school just made it oh so much worse for its employees. They sent out this email...
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During your lunch periods on Friday, representatives from Equitable will be available on site in the staff lounge as a resource to answer any questions you may have regarding your financial strategies and payroll deductions for your 403b.
Human Resources Manager
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Good, God. This is so bad on so many levels. If I'm like most teachers and school employees I think this is an endorsement of an employee benefit that I would be wise to take advantage of. It's not. It's an endorsement of one of the most predatory (in our opinion) financial companies in the country. The SEC fined this firm $50 million for masking costs.
Emails We Would Like to See
During your lunch periods on Friday, the school will be hosting an ice cream party in the multi-use room. We hope to see everyone there!
The Principal
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During your lunch periods on Friday, representatives from Fidelity will be available on site in the staff lounge as a resource to answer any questions you may have regarding your financial strategies and payroll deductions for your 403(b).
Human Resources Manager
Fidelity can be replaced with any single vendor that sends salaried representatives to explain their low cost offerings.
Stay wise and well (Want to end predatory sales practices? Go single low-cost vendor).
