Have you saved enough for retirement? Come find out. Our SMART Planrepresentative, Lisa Cardinal, will be scheduling appointments at 180 Mt. Vernon Street in Dorchester (the BTU Hall) and 26 Court Street in Boston. She will be at Mt. Vernon Street on January 15, February 19 and March 11 from 1-6 PM, and at Court Street on January 22, February 11 and March 20 from 11 AM-2 PM. All are welcome to make an appointment, whether you are already participating in the SMART Plan or not. To make an appointment, please email Lisa and indicate your preferred date, time and location, and whether you are already participating in the Plan. Also, you can contact Lisa if you’d like to arrange a group meeting.
Please note the following: The BTU endorses no particular plan or vendor. The SMART Plan is screened and supervised, however, by the Mass State Treasurer, and is also open to all state employees. It is carefully monitored and subject to scrutiny. As a monitored plan, it is safeguarded against a host of offending practices often found in theunmonitored 403b plans sold by salespeople in our buildings. Some of the salespeople who have been allowed by the city to operate in our schools have been known to deceptively lure members into long-term contracts with excessive fees and deceptive practices. While some salespeople are not deceitful, many are.
All members are cautioned to exercise due diligence and see a fee-only financial planner or other financial professional before signing a contract. Almost ALL sellers of TSAs in our schools have plans that charge high surrender fees for withdrawing your funds. We cannot overemphasize this cautionary warning.
The issue of 403b salespeople wandering in our schools looking for clients has gotten so out of hand that the BTU in the last contract negotiated the following agreement:
“Any vendors seeking to solicit business from teachers or sell products to teachers shall remain in the main office and shall be prohibited from entering teacher’s rooms or teacher lounges.”
Regrettably, these salespeople are still being permitted–here and there–to wander and, in some cases, have been issued school visitor passes. Be advised: They are permitted by law to operate in the city, so we cannot keep them out of the building (though we are trying to keep them out of your classrooms). They and their plans are largely unregulated and unmonitored–and therefore you are forewarned to do your homework before signing any contract with them. The plans have no special imprimatur from the city or any licensing bureau. Please email Richard Stutman with questions or see here for more information.