The National Tax Sheltered Accounts Association (NTSAA) and the American Society of Pension Professionals & Actuaries (ASPPA) want to make it easier for 403(b) participants to compare retirement plan options.
The organizations are creating a task force focused on creating national fee and services disclosure standards to increase transparency within the 403(b) market. The model disclosure form will provide public school employees with simplified information about the services and fees associated with their retirement plan options.
The task force also includes the National Education Association (NEA), the Association of School Business Officials, International (ASBO INTL), and NTSAA members with diversity of industry experience.
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"We are committed to improving the 403(b) system by creating national transparency standards for 403(b) fees and services. This will allow public school employees the opportunity to evaluate their retirement savings options so they can make informed choices about their retirement. We strongly believe that improving transparency is a far better approach to improving the 403(b) marketplace, than taking away employee's options as some have been advocating," said Brian Graff, executive director and CEO of ASPPA.
"The opportunity to invest in 403(b)'s is an important benefit to school district employees. As ASBO's representative to the 403(b) Transparency Task Force, I am focused on best practices that will simplify and standardize investment provider information for school districts and their employees," said Melody Douglas, SFO and past president of ASBO.
"The NEA is committed to offering its members resources for their professional and personal lives, through its wholly owned subsidiary, NEA's Member Benefits Corporation (NEA MB). NEA supports this initiative to provide clear, useful information for teachers and education support professionals to evaluate the 403(b) options offered by their employers and to make informed retirement planning decisions," said Gary Phoebus, President and CEO of NEA MB.
The task force will soon release a 403(b) comparison tool featuring the types of plan services, the level or type of provider assistance or advice, and disclosure of fees and expenses.
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