Of all the things I had to do as a 403(b) rep, trying to get a school district’s business administrator to sit down with me for an annual plan review may have been one of the most painful.
Not because I was trying to sell them something.
Sometimes I was trying to make the plan better.
In the school districts I worked with, the business office played an important role in administering the 403(b) plan and working with the approved vendors.
So periodically I would reach out and ask to review our product, fees, services and any updates that were available.
Getting that meeting?
Nearly impossible.
I could probably count on one hand the number of meaningful plan reviews I was able to have during my years working in the school marketplace.
One experience has always stuck with me.
Our company had introduced a newer version of the product that could reduce the fees teachers were paying.
Good news, right?
I emailed the business administrator.
No response.
I called.
No response.
Eventually, I ran into him at a new-hire orientation. So I walked over and explained that I had been trying to reach him because we had an opportunity to reduce the fees in the district's plan.
His response was basically:
“If you can lower the fees, just lower them.”
Trust me, I understood his point.
But that wasn't how it worked.
There were forms that needed to be signed. There were compliance issues that needed to be addressed. The district needed to participate in the process.
Without that cooperation, I couldn't simply flip a switch and put everyone into the newer product.
And guess what?
The plan never got updated during the entire time I worked there.
That experience has stayed with me because today I hear people say:
"Well, this company is on my district's approved vendor list."
And my immediate thought is:
But when was the product last reviewed?
That's the question I think more teachers should be asking.
A company being on an approved vendor list tells you that it's an available vendor.
It doesn't necessarily tell you:
• When the product was last reviewed
• Whether a newer version is available
• Whether the fees are still competitive
• Whether the investment choices have improved
• Whether anyone has compared it with the other options available today
And sometimes the problem isn't a bad company, a bad rep or even a bad business administrator.
It's an old system where everyone assumes somebody else is reviewing the product.
That is why I don't stop at the vendor list when I review a teacher's 403(b).
Because the question isn't just:
“Is it approved?”
The better question may be:
“When was the last time somebody actually reviewed it?”
🔍When Was the Last Time You Reviewed Your 403(b)?
This week, I reviewed a teacher’s 403(b) and found fund expenses of more than 2% per year, with one fund costing 2.39% annually.
My first question was simple:
🚨What are you getting for 2.39% a year?
Your 403(b) may have been opened years ago and never looked at again. The fact that the company is still on your district’s approved vendor list doesn’t necessarily mean your investments, fees or contract are still competitive today.
A 403(b) review can help you understand what you own, what you're paying, whether surrender charges or other restrictions apply, and what other options may be available to you.
If you’re a New Jersey teacher and you haven't reviewed your 403(b) recently, this may be a good time.
✅Schedule a 403(b) review and find out what you're actually paying—and what you're getting for it.
Check out our NJ Public Service Page
Retiring in Spring 2027? Check out our retirement timeline checklist
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.