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December 18, 2019

Comments

Joe

I missed this related piece in the Journal, but the California Policy Center caught it:

This week, The Wall Street Journal reported that the National Education Association (NEA) has been recommending retirement products for its members that include high fees and kickbacks to the union. “Teacher David Hamblen said a recommendation by the National Education Association was a key reason he put 403(b) savings in an annuity before his 2010 retirement from the El Dorado Union High School District in Placerville, Calif,” reports The Journal. However, his fees reached 2.99 percent per year, far higher than competing products. Turns out: “NEA-affiliated state unions that referred members to Security Benefit [Corp.] products received $129,263 for the year, according to an SEC filing.” So the union was exploiting its members to benefit its own bottom line. Sound familiar? The kicker: “For its own employees, the NEA hired low-cost Vanguard to oversee a 401(k), resulting in investment fees a fraction of what many NEA union members pay.”

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