Reform needed to improve teachers’ retirement plans
The problem is largely a result of the multivendor systems common in teachers’ supplemental retirement plans. Brokers descend on unsophisticated teachers at work and sometimes at home, mostly offering high-priced annuities.
Those of us who have been in the defined-contribution industry since the ’90s cringe at the sales tactics used and fees charged back then. There were surrender charges, hidden fees, claims that the plan was free, and high-priced annuities sold by brokers who weren't acting as fiduciaries, with som
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