Perhaps even more egregious are 403(b) plans. My wife worked for a school district and had a terrible plan - sales loads of 5%, fees exceeding 1%, 12b-1 fees, poor service and advice. Because I was in a much better 401(k) plan with some insight into how much better things could be, I began a push to change her plan. We were told and read from other financial planners, that it was impossible to change her 403(b) provider. But I also read from others online that it was possible, and so I persisted. I was eventually able to change her plan to one offered by one of the biggest custodians with much lower fees and NO sales charges. Please help spread the word that people in these plans are getting ripped off and they too should fight the administrators of the plans to make this change.
Perhaps even more egregious are 403(b) plans. My wife worked for a school district and had a terrible plan - sales loads of 5%, fees exceeding 1%, 12b-1 fees, poor service and advice. Because I was in a much better 401(k) plan with some insight into how much better things could be, I began a push to change her plan. We were told and read from other financial planners, that it was impossible to change her 403(b) provider. But I also read from others online that it was possible, and so I persisted. I was eventually able to change her plan to one offered by one of the biggest custodians with much lower fees and NO sales charges. Please help spread the word that people in these plans are getting ripped off and they too should fight the administrators of the plans to make this change.