Curator note: This is an excellent series on several topics related to financial services — annuities, how the financial services industry works and presents a case for why we need a law that requires financial advisors to put the interests of the consumer first.
When Teachers Face the Task of Fixing Their Retirement Accounts
. . . .she and her colleagues were still mostly on their own when trying to fix their 403(b) retirement savings plan.
Accounts of this type, which are like 401(k)’s for nonprofit employees, educators and many hospital workers, often come with high fees and problematic investments, as Tara Siegel Bernard and I documented in our Public Sacrifice series last year. This week, Matthew Lesser, a Connecticut state representative who leads the House banking committee, held a hearing on a bill that he had written after reading the articles. He hopes to require more disclosures by retirement plan salespeople of conflicts of interest.
