Wise Information for K‑12 Employees

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Education
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Employer Information: Key Issues and Trends

K-12 Issues

  • Lack of objective participant education 
  • Allow employees to choose % contribution over $ contribution
  • Poor investment choices (too many high-fee vendors)
  • Single vendor vs. multi vendor
  • Individual contracts vs. Group contracts 
  • Sales agents trawling staff lounges and classrooms
  • Plan compliance
  • Union revenue arrangements with vendors

K-12 Trends

Key Employer Duties

  • Maintain written plan documents
  • (ERISA plans) File an annual Form 5500 (including a plan audit)
  • Monitor contribution limits
  • Ensure compliance with rules for participant loans

IRS: Operate and Maintain a 403(b) Plan

K-12 Stories

How a 7th Grade Teacher Got a Better 403(b) Choice

Photo of author

Perseverance led to change.