How do these guys sleep at night?
In addition to pillaging the retirement accounts of public school teachers, Some large insurers prey on churches and charities.
This is from Ron Lieber of The New York Times:
He also reviewed the 403(b) plans of the nonprofits that had them. People who worked there were not sure how they had ended up with their incumbent providers, some of whom had sold them high-cost annuities. But he was pretty sure he knew why the insurance companies were interested in their business in the first place.
“They’re only selling to the nonprofits to get to the board members and get their money,” he said. “The salesmen use the retirement plans as a prospecting tool.”
We are meeting with teachers on a daily basis. They have ten friends and their friends have ten friends. The awesome power of compounding will bring down an entire industry.
This cannot happen soon enough.