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California 403(b) participants can now get clear 403(b) vendor, fee and surrender charge information
at 403bcompare.com,
a web-based data bank that launched November 30, 2004. The site is a result of AB 2506 which called for
vendors offering 403(b) retirement investment products to employees of local school districts, community college
districts and county offices of education in California to register with the state and disclose
all fees and surrender charges. The California State Teachers' Retirement System created the site and will be responsible for
ongoing maintenance.
AB 2506, which was signed into law on September 29, 2002, was sponsored by Darrell Steinberg (D-Sacramento). The bill was
supported by: United Teachers of Los Angeles,California Teachers Association, California School Employees Association, Faculty
Association of California Community Colleges, AFT College Faculty Guild, Local 1521, Small School Districts' Association, TIAA-CREF,
Association of California School Administrator, California School Boards Association, Meridian Wealth Management and 403(b)wise.
It was opposed by: California Federation of Teachers and R.O.P.E. |