California 403(b) Issues For a myriad of reasons, mostly legislative, California 403(b) plans are beset by unique problems. Here are some stories explaining these issues.     2007 Keaton for CalSTRS Board 9/24/07 — 403(b)wise endorses Sandy Keaton for CalSTRS Board. [403(b)wise]   CalSTRS Offers 403(b) Compliance Service 7/26/07 — CalSTRS will offer administration and compliance services on a low-cost basis as a solution for employers who may not have the financial resources. [CalSTRS]   CalSTRS & TIAA-CREF Team Up in California 6/28/07 — TIAA-CREF will provide low cost savings plans [including Roth 403(b)] for public school employees in state. [CalSTRS] 2006 CalSTRS Creates Framework for Long-term Full Funding 9/8/06 — No change to benefits but 1/2 percent increase in contributions among recommendations. [CalSTRS] 2005 Schwarzenegger Pulls Back on Pension Reform 4/8/05 — California governor backs off plan to privatize California's public employee pension system. (free login) [Plan Sponsor] Can Cyber Shopping Improve Faulty Retirement Plans? 3/28/05 — California's www.403bcompare pulls the veil of secrecy off of 403(b) fees. [John Wasik] Schwarzenegger, Unions Clash Over Pension 2/22/05 — California teachers, firefighters and other workers worried about their retirement [The Washington Post] Official Launch of 403bcompare.com (pdf) 2/9/05 — Powerful website allows visitors to pull up free, objective information about 403(b) products. [CalSTRS] CalSTRS Formally Opposes Legislation to Replace the Current Pension System 2/3/05 — The Teachers' Retirement Board opposes two proposals that would replace guaranteed defined benefit pensions. [CalSTRS] Support David Goldberg for UTLA Treasurer 2/1/05 — TSA/403(b) advocates for Los Angeles Unified School District support the election of David Goldberg for UTLA Treasurer. [Steve Schullo] California Teachers Get Harsh Lesson on Investing 2/1/05 — Excerpt: "This whole system needs to change... teachers are pretty much being thrown to the wolves." [SignOnSanDiego] Calif. Voters May Face Choice to Change State Pensions to 401(k) plan 1/6/05 — In a significant echo of President Bush's plan to privatize part of Social Security, Gov. Arnold Schwarzenegger called Wednesday for privatizing two of the nation's largest public pension systems. [SFGate.com] State Pension Revamp Sought 1/5/05 — California Governor Arnold Schwarzenegger is set to propose replacing the defined-benefit model with one similar to a 401(k). [Sacramento Bee] 2004 403bcompare.com Launches 12/2/04 — California 403(b) participants can now get clear 403(b) vendor, fee and surrender charge information. [403(b)wise] More Disclosure for California 403(b) Plans 6/16/04 — Coming this summer, California will require product registration for 403(b) plans on an open-access consumer portal. [Financial-Planning.com] How Envoy Hurts Teachers 2/25/04 — Teacher: "I am so frustrated that financially devastating restrictions are being placed on my own money." [403(b)wise] State of California Rules Against Envoy 2/18/04 — In exchange for not charging school districts directly Envoy Plan Services charged vendors. The California Attorney General ruled against this arrangement. [Scott Dauenhauer, CFP] 2003 403(b) Advocate Seeks Seat on CalSTRS Retirement Board 9/16/03 — LAUSD teacher Steve Schullo favors: repeal of the Social Security offset rule, increasing the retirement earnings formula, expanding CalSTRS' use of low-cost index investments, and full implementation of reform bill AB 2506. [403(b)wise] TIAA-CREF 457(b) Selected in LA 9/4/03 — TIAA-CREF has been chosen as the exclusive 457(b) retirement plan provider for the Los Angeles Community College District and the Los Angeles County Office of Education. [TIAA-CREF] Opinion: Orange County Mess Underscores Farce That is the California 403(b) 5/27/03 — Nine Southern California school districts abandon their teachers' best interests under the guise of compliance and budget concerns. [403(b)wise] Companies Offering 403(b) Services to LAUSD 4/21/03 — Los Angeles teacher and 403(b) advocate Steve Schullo has organized LAUSD's maze of more than 140 vendors into three categories: annuities and variable annuities; loaded mutual funds; and no load mutual funds and no load annuities. [403(b)wise] 2002 Educating California's Educators 11/26/02 — Leave no teacher behind: planner Scott Dauenhauer specializes in providing hourly, fee-only advice to educators in California's public schools. [Investment Advisor] AB 2506 Chaptered 11/12/02 — AB 2506 requires a central database listing all fees and charges in 403(b) plans sold in California. Here is the chaptered version of this new bill. [403(b)wise] The 403(b) in California is broken. Here's the Fix... 10/31/02 — Clearly, the 403(b) in California is broken. Here's the fix: adopt a 457(b) plan. [403(b)wise] AB 2506 Signed into Law 9/29/02 — AB 2506, which establishes a registration process for vendors offering 403(b) retirement investment products in Califorina, was signed into law Sunday, September 29, 2002. [403(b)wise] AB 2506 Goes To California Governor for Signing 8/23/02 — AB 2506, which seeks to establish a registration process for Californa 403(b) vendors, is now in the hands of Governor Gray Davis. [403(b)wise] AB 2506 Passes Out of Senate Appropriations 8/6/02 — AB 2506 which seeks to establish a registration process for vendors wishing to offer retirement investment products to employees of local school districts, community college districts and county offices of education in California, passed out of Senate Appropriations by a vote of 8-1. [403(b)wise] AB 2506 Continues Its March Through Sacramento 6/25/02 — AB 2506, which seeks to make public the fee structure, performance and surrender charges of California 403(b) plans, unanimously passed through the Public Employees Retirement and Social Security Department. [State of California] AB 2506 Status 5/31/02 — Link to latest legislative news on AB 2506 — legislation that seeks to improve California 403(b) plans . [State of California] AB 2506 Amendments 5/28/02 — Full text of latest AB 2506 amendments. [State of California] AB 2506 Passes Out of Assembly Appropriations 5/24/02 — Legislation seeking to improve California 403(b) plans passed out of Assembly Appropriations on May 22, 2002, by a vote of 17 to 7. [403(b)wise] AB 2506: Two Views 5/14/02 — Supporters and opponents of AB 2506 present their views side-by-side. [403(b)wise] AB 2506 Claims vs. Facts 4/28/02 — Supporters of AB 2506, which seeks to streamline and improve California 403(b) plans, respond to opponents' misleading claims. [403(b)wise] Planners May Face Hurdles In Reaching 403(b) Market 5/9/02 — A California bill designed to help 403(b) participants is causing confusion and inspiring attacks. [financial-planning.com] California 403(b) Contribution Limits Will Soon Synch With Nation 4/24/02 — Pending legislation will bring state laws on retirement-account contributions into line with federal changes. [LA Times] CalSTRS Supports Amended Version of AB 2506 4/24/02 — CalSTRS analysis and position on pending California 403(b) legislation. [CalSTRS] California Teachers' Group Bolsters 403(b) Advice 4/8/02 — The California State Teachers' Retirement System (CalSTRS) will provide and pay for an advice platform for participants in its 403(b) retirement plan. [403(b)wise] Q & A on Legislation to Improve California 403(b) Plans 4/3/02 — Supporters of AB 2506, which seeks to streamline 403(b) plans in California, make their case in a question and answer format. [403(b)wise] The Great Texas (and California) 403(b) Fight In the face of determined foes, Texas and California seek to improve 403(b) plans. [Scott Burns] Bill to Improve California 403(b) Plans Introduced Assembly Bill 2506 seeks to pave way for low-fee vendors in California 403(b) plans by giving school districts' more control. [403(b)wise] California Tax Impasse Could Harm Retirees State's delay in conforming with federal retirement savings incentives, including 403(b) plans, is putting many in a financial bind. [Kathy Kristoff, LA Times] California Dreaming... of Better 403(b) Plans Arcane state legislation may be to blame for lack of low fee investment choices in California 403(b) plans. [403(b)wise] Californians Missing Out on Tax Incentives State rules don't conform with new U.S. code that allows higher contributions to savings plans, including the 403(b). Changes sought. [LA Times]   Home | Disclaimer | © 2001-2007 bWise Guys, LLC. All rights reserved.				Related Information 403bcompare.com LAUSD Vendor List 403(b) Resource Information from LAUSD Advocates AB 2506 Chaptered