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Teach and Retire Rich

Teacher Daniel Otter, Ph.D. and Certified Financial Planner Scott Dauenhauer CFP® of 403bwise.org discuss teacher saving for retirement issues. Never too serious, Dan and Scott strive to make learning about pensions, the 403(b), the 457(b), and investing, fun and understandable.
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Teach and Retire Rich
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Now displaying: Page 1
May 31, 2024

Illinois educator-turned state legislator Karina Villa — who was once sold an unsuitable, high-cost 403(b) — proposed a K-12 403(b) reform bill that would have ended front-end and back-end loads. It would have capped advisor fees and administration fees at 0.50% respectively, and it would have required vendors to offer low-cost index funds and low-cost target date funds. Of course, the bad actors in the industry hated it. And of course they flooded the zone with money, lobbyists, distortions, and outright lies. 

Senator Villa discusses the legislative process, the pushback from high-cost vendors, lobbyists, and the National Tax-Deferred Savings Association, and how close the bill came to becoming law. She also shares what's next for 403(b) reform in Illinois. 

Nothing presented or discussed is to be construed as investment or tax advice. This can be secured from a vetted Certified Financial Planner (CFP®). 

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