Retirement savings plans should be designed to provide a clear and efficient path to an adequate retirement income. But the sad reality is that most 403b/457 plans are broken. They have a confusing array of vendors, investment choices and unconscionably high costs for employees. Plan participation is low and those who are saving are investing in ways that are not in their interest.

Conventional wisdom says having lots of choice is a good thing. But studies show that having too many choices is paralyzing rather than empowering – especially when it comes to a retirement plan with multiple vendors and a host of (often poor) investment choices.

And while your district may not pay your 403b/457 plan fees, there are huge costs pumped into them that you and your fellow participants personally bear. These costs come in many forms, but the end result is the same. Money that should be securing the future of your employees is quietly being siphoned out of their accounts by insurance companies, agents, brokers and consultants with a vested interest in the investments offered.

We don’t believe that’s the right way to approach retirement savings!

Up Next: What can we do about it?
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