Advocate Steve Schullo says reform is moving in the right direction, but there is more work to do.
My interview with Steve Schullo, a reform advocate for 403(b) plans in the K-12 marketplace, concludes this month. The first two parts of this interview may be accessed here and here. Steve's latest book, "Fighting Powerful Interests: Educators Challenge Tax-Sheltered Annuities and WIN!," can be downloaded (as a PDF) for free. He is also a blogger at Late Bloomer Wealth.
Scott Simon: Please explain the nature of 403bwise.com in California and how it may (or may not) be helpful not only to teachers in California but to others all across the country.
Steve Schullo: Dan Otter, a former teacher in California, launched 403bwise.com in 2000. He has been a tremendous advocate for change in the California K-12 403(b) marketplace. The website features a discussion forum and tons of information about 403(b) and 457(b) plans, and California state insurance code section 770.3 and the legislative fights to reform that ancient code. Instead of me telling you about it, your readers can see for themselves:
2. When the California Teachers Association (CTA) crushed our latest legislative effort to reform California insurance code section 770.3, 403bwise.com was right there reporting it all, which angered CTA.
3. Our Participants section has comprehensive, objective information on both 403(b) and 457(b) plans
After 15 years of being a registered member of 403bwise.com, I have posted more than 3,700 messages in the Discussion Forum. I love helping my teacher colleagues and debating about investment options that are low cost and well diversified with a stock-bond balance. From the beginning, I and other educators have wanted to keep the discussion about terrible 403(b) plans going and help our colleagues get out of annuities and instead invest in low-cost, best-in-class investment options in diversified portfolios of stock and bond index funds.