My husband recently switched school systems and we enrolled him into a 403(b) plan with VALIC (as well as a 457, Roth IRA, etc - we have our bases covered).
The 403b is invested in Fidelity & Vanguard index funds (FSIIX, VIMAX, VSMAX, FUSEX) and some global bonds. We contribute $175/pp, and 2 pay periods in our balance is just over $350. This seems to be a straightforward investment vehicle. It was the lowest fee option we had via the county.
However, under 'account details', the product name is stated to be "Group Mutual Fund w/ Fixed Annuity."
This isn't really a fixed annuity, right? I don't understand how it could be. Is that name just an artifact of the history of 403b plans? I called to ask, and the guy wasn't chill with answering my questions since its my husband's account (so annoying how all investment companies are like that), but when I said "This isn't really a fixed annuity, it's stocks, right?" he said yes but explained nothing.
I just want to make sure I fully understand what we are investing in here.
