The Fairfax County School Board passed the proposed changes to the 403(b) program last evening ignoring the voice of literally hundreds of FCPS employees who told the School Board they DID NOT WANT THE CHANGE.
This issue is just one of many this year where the School Board is provided a single source of information on a topic they are not familiar and rather than question the administration and make a decision of valid information, they instead blindly follow.
This is NOT FCPS money that is being invested.
This is your money that YOU earned and YOU are responsible for investing.
Once again, FCPS knows what is best for you.
You need to thank the members that supported YOU and your ability to choose and let the others understand you are not happy with their decision.
This is how the School Board voted:
This is how the School Board voted:
Daniel G Storck – Chairman Nay
Judith (Tessie) Wilson Yea
Elizabeth T Bradsher Yea
Brad Center Yea
Stuart D Gibson Yea
Martina A Hone Nay
Kaye Kory Nay
Ilryong Moon Nay
Phillip A Niedzielski-Eichner Yea
James L Raney Yea
Kathy L Smith Yea
Jane K Strauss Yea
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3 comments:
This is typical School Board
I don't have a problem if the school board sees a better advantage in determining what companies NEW 403b accounts can be created, but who gave them the right to say we could not continue with our current accounts? There is no point my splitting up money between companies, but now I have to find someone new to establish trust with and I haven't heard of two of these companies, before.
Riddiculous!!! And now I will have to pay fees to invest. I had a great relationship with my investor as well. FCPS is being charged with oversight of 403b accounts by the government but that doesn't mean that they have the knowledge to pick "the best" companies to provide those accounts. So besides their arbitrary decision making we also have to pay a 3rd party to monitor our investments and dispersements. Oh and did I mention the hundreds of thousands of dollars that FCPS spent vetting the companies and determining the "winners" of FCPS 403b contracts. Disgusting! The school board should have been more forceful with their show of displeasure.
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