403b question NY

[Bashdash]

I am strongly considering switching out of my NY 403b with Voya.  I have 89k in it after 14 years of my teaching career.   I don't like the fund options with no vanguard.  I also don't like this 1.2% M and E fee being assessed either.  I cannot get my rep to give me a straight answer on it. He says it is on my " gross return".  I don't believe this.  I have asked numerous times if it was assessed on my account value yearly or on my earnings per year.  Huge difference!!!   No straight answer.  I asked for a 2015 example with dollars and cents.  My statements don't show fees and rep says they are " internal". He has used the example "if you're account returns 10% then it will be 10%-1.2%=8.8%.  I said what about if my account return for a year is 2.4%?!?!  Has anyone had this experience or can interpret the fee?

Here is the language in the small print which does not specify.

These numbers reflect annual deductions from the Separate Account as follows: for Voya MoneyMarket Portfolio, a 1.25% annual deduction prior to
February 15, 2000, a 0.35% annual deduction between February 16, 2000 and January 31, 2012, a 0.45% annual from February 1, 2012 through April 30,
2013, and a 0.55% annual deduction thereafter; and for all other sub accounts, a 1.25% annual deduction prior to February 15, 2000, a 1.10% annual
deduction from February 15, 2000 through February 14, 2001, a 1.05% annual deduction from February 15, 2001 through February 14, 2002, a 1.00% annual
deduction from February 15, 2002 through January 31, 2012, a 1.10% annual deduction thereafter from February 1, 2012 through April 30, 2013, and a
1.20% annual deduction thereafter. They also assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees
and other fund operating expenses. The deferred sales charge declines over 10 years as follows: 5%, 5%, 5%, 5%, 5%, 4%, 4%, 3%, 3%, 2%.



After all the numerous calls and emails to voya I am wanting to switch to Aspire for low fees and also vanguard accessibility.  Anyone have an opinion of Aspire?  I also was thinking of making new contributions to the Ny 457 plan which also has vanguard access and low fees.  I would send the voya 89k minus surrender fees to vanguard funds and new money to 457.   Thanks for any help?

[NESailor]

Hey.  My wife is a new NY teacher.  They don't seem to have access to a 457 (bummer) but before we signed her up for the 403b options - I called basically everyone on their approved list to get an idea of the options and fees.  I omitted the obviously crappy ones (insurance companies).  The only one on the list worth considering was Aspire.  I set it up for my wife and it's been going relatively smoothly.  Some periods there is a loooong delay between when the money is withheld and when it's actually used to buy VTSAX but overall it works OK.

fees are acceptable - 0.15% of AUM and $40/year.  They also pass on a fee of $3/month that the recordkeeper/TPA charges them (which I think is PenServ if I recall correctly).  In essence, our total fees are 0.20% + about $80/ year for VTSAX.  The interfaces at both Aspire and PenServ are clunky but I'm just deferring the 18K and forgetting about it.  If she ever switches out of public education in NY I'll roll the whole thing straight to Vanguard and call it a day.

My recommendation - roll the whole thing to Aspire and be done with it.
Cheers!