Issue link: http://educator.cta.org/i/1426376
"You put $100 a month away, do it for 20 years, that's going to be a huge shift in what you have available to you. CTA products are set up to perform and not take things out at the end." —Larry Johnson, Visalia Unified Teachers Association Larry Johnson CalSTRS pension," he says. "CTA began rolling out retirement seminars at their conferences. I went to one last winter and found out that my 30-year-old variable annuity was one of the worst." Johnson says that when he first looked into 403(b)s years ago, there were no other options available. After he and his wife Sandy, a longtime kindergarten teacher, attended the seminar, they decided to "jump ship" and transfer to the CTA RSP this past summer. He is now estimated to be saving almost $3,000, or more than 90 percent, in ongoing administrative and investment fees annually compared to what he had before. His son Ian is also an educator, teaching high school geology. Johnson urged him to start his 403(b) as soon as he began his career. " You put $100 a month away, do it for 20 years, that's going to be a huge shift in what you have available to you. CTA products are set up to perform and not take things out at the end." Get Your Plan Reviewed at No Cost I F Y O U A L R E A D Y have a retirement plan, make sure you're not being taken advantage of. CTA offers a free review and comparison of your current plan with CTA's Retirement Savings Plan. To request a review, go to review.ctaretirementplan.org. Opportunities to spend less on administrative and invest- ment fees and save more for your retirement vary based on your individual circumstances, but they can be very mean- ingful. A recent fiduciary review of approximately 100 CTA members who are not in the CTA RSP indicates that they would save in excess of 50 percent on annual expenses. Don't know what type of plan you have? Call our enrollment team at 916-235-9800 for help. Already Have a Plan? Ask This M A K E S U R E you're in a retirement plan that does not charge you excessive fees and is transparent in how it oper- ates. Start by getting answers to these important questions. To do this, call the company managing your plan. (Find their phone number on your statement or their website.) 1. What type of plan do I have? 2. How much are you charging me in total fees? Can you break down those fees for me? 3. Where is my money being invested? 4. Are there surrender or early withdrawal fees on my investments? and/or exchange transaction and an individualized decision that takes into account all the variables that should be performed prior to taking action. CTA RSP Program Costs are estimated using flat Annual Administrative Fees of $95 plus 0.05% custodial account fees plus either the current 0.09% Net Investment Expense Ratio of the BlackRock Lifepath Target Date Fund options that each of these participants has used. The CTA RSP has a 0.13% Average Net Investment Expense Ratio for the CTA RSP, as disclosed on 403bCompare.com. Former Funding Account Costs are estimated using publicly available disclosures on 403bCompare.com and administrative, mortality and expense, and average investment management fees, as disclosed. 59 D E C E M B E R 2 0 2 0 / J A N U A R Y 2 0 21