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Attention TEACHERS: As if you weren’t under enough pressure having the nation’s future in your hands, with the 403(b) plan, you are fast approaching a critical juncture regarding your own future- your financial future.

Are you aware that effective January 1st, 2009, all 403(b) plans will be mandated to add new plan documents? What this means for you is that there is a possibility that your current investment company will be unable to continue to participate in your plan, either because they disagree with the changes, can’t afford to make the necessary changes or in some way don’t have the products that can possibly comply with the new government regulations as well as the school districts plan documents.

For example, there are many companies which are very well regarded for retirement investments that are wrestling with the choices they have to make in order to comply with these new rulings. Of concern to them is the higher administrative costs involved in changing their platform of products. Subsequently, some districts will no longer offer retirement options from companies that they have previously made available.

These disruptions will certainly cause major confusion and chaos, denial of tax deductions, changes in your 403(b) loans, and now with the investment market in dire straights, this will only add to the uncertainty, making it very difficult to plan for your future.

In light of this rapidly changing environment, many financial experts, including  those of us at the TrustedExpertNetwork, are recommending a plan which offers an open menu that will allow you to choose from among thousands of mutual funds under one program umbrella, many of which were never available to you before.

These multi-fund type plans provide a wide spectrum of choices from short term treasuries to gold funds to asset allocation funds, and represent excellent choices that are worthy of your consideration.

Speak to your school district’s business office to get a list of the retirement plan options that will be accepted after the January 1 deadline, as well as consult with your personal financial adviser for more information.

Please also check back to this site for ongoing updates, strategy recommendations and information on free upcoming seminars and webinars specifically for teachers.

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Tags: 403(b), 403b deadline, lee rosenberg, retirement, retirement planning, teachers

About the Author: Lee Rosenberg is the Co-founder of ARS Financial Services, Inc. As a Certified Financial Planner with more than 34 years of solid financial expertise. Lee is a registered representative of Cadaret, Grant & Co., Inc. He was also named one of the top 25 Independent Financial Advisers in the US by Rep magazine.

This entry was posted on Saturday, October 18th, 2008 at 11:04 am and is filed under education financial planning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.