Author Topic: Newbie needing help on a 457b question  (Read 443 times)

tensixmom

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Newbie needing help on a 457b question
« on: August 11, 2019, 09:09:51 PM »
**Edited for a typo**

Hi all- I hope this is the right place for this.

I am looking into my employer's 457b  deferred compensation plan and I was told (elsewhere) that as long as the fees aren't bad, you can't go wrong contributing to such a plan.

I know we do NOT have an employer match on it.

I am 46 years old and unlikely to be able to RE at this stage since I just barely heard of it two weeks ago- but I would still like to know whether you all have any feedback on these "plans" my employer offers.  I am woefully ignorant about them so I am not even sure if I can provide you sufficient information to receive advice.  I don't know where/how to find the information on what kind(s) of fees these plans have.

My options are:

ICMA
Mass Mutual
VALIC

Any feedback is appreciated!
« Last Edit: August 11, 2019, 09:14:41 PM by tensixmom »

MDM

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Re: Newbie needing help on a 457b question
« Reply #1 on: August 11, 2019, 10:55:53 PM »
Don't know if this applies to your 457 plan, but Vantagepoint 500 Stock Index Fund might be available through ICMA.  That would be a decent expense ratio.  You'll probably need to log on to the various vendors' web sites to find all the fees.  Someone in your employer's benefits department should be able to help....

See the 'Basic Terms' tab of the case study spreadsheet in case some of the buzzwords aren't familiar yet.  No guarantee that will help, but it might.

See also
Getting started - Bogleheads
Investment Order
Stock Series
www.etf.com/docs/IfYouCan.pdf
for more reading material.

Good luck!  The more you learn, the more questions you may have, so come back with those as needed.

tensixmom

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Re: Newbie needing help on a 457b question
« Reply #2 on: August 11, 2019, 11:19:43 PM »
Don't know if this applies to your 457 plan, but Vantagepoint 500 Stock Index Fund might be available through ICMA.  That would be a decent expense ratio.  You'll probably need to log on to the various vendors' web sites to find all the fees.  Someone in your employer's benefits department should be able to help....

See the 'Basic Terms' tab of the case study spreadsheet in case some of the buzzwords aren't familiar yet.  No guarantee that will help, but it might.

See also
Getting started - Bogleheads
Investment Order
Stock Series
www.etf.com/docs/IfYouCan.pdf
for more reading material.

Good luck!  The more you learn, the more questions you may have, so come back with those as needed.

Wow, thank you so much...  I will take a look at those links and see if I can make any sense of them!

I will ask about the Fund and see if that's available; thank you.

My HR department really isn't somewhere I would go for questions like this, unfortunately.

I am sure I will have LOTS more questions!  Thank you!

Xlar

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Re: Newbie needing help on a 457b question
« Reply #3 on: August 12, 2019, 01:39:26 PM »
I have a 457b plan through my employer that is through Mass Mutual. The main advantage of the 457b is that your contributions are pre-tax!

For my plan through Mass Mutual I have the choice of several very low fee index funds including a S&P 500 fund. Note that you may not have access to the same fund list as me. I was able to call Mass Mutual before I set up the account and ask them for fund details and the emailed me a .pdf of what was available for my specific plan. I would try to contact all 3 companies so that you can compare their offerings.

Good luck!

Brother Esau

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Re: Newbie needing help on a 457b question
« Reply #4 on: August 13, 2019, 05:25:37 AM »
I also have a 457b with Mass Mutual. There are several Vanguard index funds available so that keeps the fees pretty low.

tensixmom

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Re: Newbie needing help on a 457b question
« Reply #5 on: August 13, 2019, 06:02:33 AM »
Thanks to both of you... I had emailed my HR person the other night to inquire whether that Vantagepoint 500 was available.  She referred me to our ICMA representative... and then mentioned that we are consolidating into one plan in the next few weeks but she didn't know which one, yet.

I will wait and see which one they end up with before I do anything.


BicycleB

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Re: Newbie needing help on a 457b question
« Reply #6 on: August 13, 2019, 09:10:18 AM »
Good plan. You can go step by step. You will be able to come to a good decision and receive plenty of benefit from it.

The investing, like the saving, is very powerful. You can figure out each piece one at a time. Each move forward will add up. Keep going, and you be able to accomplish a lot. Congratulations on finding us, and starting in on the work! Soon enough you'll look up and go, "Wow, I can't believe how well this is going!"