I recently attended a 'teacher talk' given by my superintendent and asked about how our district could expand the investment choices available within our 403(b) set-up to include firms such as Vanguard or Fidelity that offer low cost index tracking funds. We currently have just a handful of insurance companies such as AXA (my current choice), ING (now called something else), etc. All of them charge a top line fee of around 1.25%, and all of their choices are actively managed funds or funds-of-funds with additional expense rates of 1.5-2%+.
The talk itself got bogged down by union members carping about salary schedules, so I think my question got lost in the shuffle. I followed up with an email this week, but am unsure as to how I can proceed. My understanding is that this would be a no-cost initiative by our district to expand plan offerings. Is this true though? It seems like inviting Vanguard and Fidelity in would be easy to do. Is it not? Any suggestions as to what I could do as an employee to get things moving?