Some people have suggested Fidelity as an option instead. So, even if you die, you’ve been paying that 1.25% M&E fee all this time to guarantee that your beneficiary (in this case, your spouse,) will still get all the money you paid into this account. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. The one rider I analyzed had a 1% fee and it locked in returns at the high-water mark. So, then you might select a Target Date Allocation Portfolio. I have no idea why this seems to be such a big deal because in every case, if you need an annuity, you are better off getting one from anyone but these providers. . Investments growing tax-deferred can accumulate and compound untouched by federal, state, or local income taxes until you begin making withdrawals, which is usually after retirement. The SIO enables you to seek growth, up to a limit, with some downside protection. the amount of the withdrawal charge deducted is equal to 5% of any contribution withdrawn attributable to contributions made within the current and five prior contract years, measured from the date of the withdrawal.”. AXA Equitable pays contribution-based and asset-based compensation to their agents. If you have extra money to do 457 and 403b then go for it, but I'd start with Ohio 457 for each of you, fees will be lower than your current 403 be offering, hard to get any lower going forward. If you’re looking for protection from market risk, you may select the Structured Investment Option (SIO) available within certain EQUI-VEST variable annuities. Get home and auto insurance quotes online or find a local agent. On the other hand, the annual fees on variable annuities usually start at 2% and vary up to 3%, according to FINRA. If I try to add Axa as a straight Brokerage account I can login, but the account is reported as "Unknown Type". The Russell 2000 Index is an unmanaged index generally representative of the 2,000 smallest companies in the Russell 3000 index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. No guarantees are made as to the accuracy of the information on this site or the appropriateness of any advice to your particular situation. It locks in your account value at the high-water mark, which is a crediting method based on the highest level attained by the reference index over a given period of time. However, variable annuities offer features and benefits that may not be available with other investment options. If you’re contributing the maximum 2018 amount of $18,500 to your plan and, if over 50, also taking advantage of $6,000 catch-up contributions, then AXA could be paying as much as $490 a year to your broker. A fee charged to process a qualified domestic relations order. by krow36 » Fri Oct 18, 2019 1:19 pm, Post There is also "other expenses" of .25%. These are typically 403(b)s offered by insurance companies (AXA, VALIC, MetLife, etc. In addition to the fund fees, for a variable annuity there is a Mortality and expense risk charge. AXA states in the prospectus: “. The BrightScope data reveal that total plan fees for small 403 (b) plans ranged from 0.49% of assets all the way up to 1.48%. You basically lose all the returns you’ve gained. This creates ongoing compensation for your broker. Investment advice offered through Private Advisor Group, a registered investment advisor. Variable annuities invest directly in the market, and as such, they can lose money just like stocks and mutual funds. Our human resources lady said if I can get 5 people interested in Vanguard's plan, the district could try to add them. I was leaning towards a Vanguard IRA. Unlike other fee-only planners, I find that some annuities may be a part of a comprehensive financial plan when used correctly. AXA has not endorsed this review in any way, nor do I receive any compensation for this review. The AXA EQUI-VEST® 201 series for 403(b) plan is a deferred annuity contract that is designed for school district employees. by KESP » Sat Feb 11, 2017 1:57 pm, Post Guarantees are based on the claims paying ability of the issuer. Any investment inside a 403(b), 401(k), IRA, or tax-qualified retirement plan has the potential to grow tax-deferred, even if they aren’t inside an annuity. Second, this benefit doesn’t come free. A 403(b) is a retirement plan designed for educators and available through your school district. pensation from AXA, the lergy Advantage 403(b) Plan provider in the amount of .25% of every $100 in the plan annually. What you may find with plans from Vanguard or Fidelity is an expectation that the district will cover some of the plan-related expenses. Bond values will decline as interest rates rise and bonds are subject to availability and change in price. Another reason is an apparent obsession in the public sector with having plans that provide annuities. AXA Equitable Life Insurance Company is the #1 provider of retirement plans for K-12 schools, serving more than 820,000 participants in over 17,000 plans. If you have an annuity or other financial product you’d like to see an in-depth review on just let me know, I’d be happy to take a stab at it. Statistically speaking, the chances of meeting with an untimely death when the market is down AND when you’ve lost a portion of your contributions may be relatively low. I was signed up with AXA at a school professional development meeting. If you don’t need the benefits of an annuity at this time, then paying for these fees for the next 10 to 20 years may not be in your best interest. Trying to get something introduced in our district that gave people the most options and made sense financially. Furthermore, any investment that you purchase inside your 403(b) account can give you tax-deferred growth. Riders are additional guarantee options that are available to an annuity or life insurance contract holder. 2000 A.M. Best Company, Inc. 20 Apr. Aspire got right back to me and answered all my questions; seem easy to deal with. When your contract is annuitized, your money is converted into payouts (this being the payout phase). Administration Charge: This fee is charged on the insurance side and it will be the lower of either 2% or $30 of your account value plus any amounts withdrawn. But you’re probably already getting this benefit. It offers Structured Investment Options (SIO) that enables you to invest for growth with some downside protection for a set period of time. Investing in mutual funds involves risk, including possible loss of principal. Selling annuities also creates a continuing income stream for the brokers. I am legally obligated to make recommendations that are in the best interest of my clients. So i think Fidelity still comes out slightly ahead of the other two 403b options. I was able to go through the vanguard/newport group 403b enrollment for my wife. There are no up-front fees, no back-end fees and some of … Annual fee: 1% of the participant’s Personal Income Benefit account value. (Source: 403bwise.org) See Also: When 2% Costs Everything–How Investment Fees Cost You Your Freedom. A 403(b) plan, which is like a 401(k) for educators and non-profit employees, can help supplement your pension or other retirement savings. When this investment might make sense: If you have already maxed out all your qualified retirement accounts and would like to put aside more money into a tax-deferred account, then a variable annuity might be an appropriate option. My own stupidity for not checking on that before I started investing. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. It does not guarantee that your account won’t lose money. If you want to go for the lowest fees, you should choose the individual index funds rather than the Target Retirement funds. AXA pays agents 1.5% to 2% commissions on every future dollar you contribute to your 403(b) annuity. As previously noted, mutual funds may be less expensive, but do not offer the same features and benefits. The prospectus and, if available, the summary prospectus contains this and other important information about the variable annuity contract and sub-accounts. The Standard & Poor’s 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. I think for Vanguard's 403b you do not have access to admiral shares. They are sold only by prospectus. Deferred annuities are long-term contracts and most annuities of this type charge surrender fees during the first 5 to 10 years of the contract. The fees on the current 403(b) can be drastically reduced. *Standard and Poor’s Rating Service provides ratings which measure the claims-paying ability of an insurer. But you should consider whether the cost of this feature is worth the potential benefits you could receive. No matter how simple or complex, you can ask it here. It’s always satisfying for me to break down complicated financial products out there to try and provide some clarity on how they really work. I'm currently paying around 2.4%, but I have gotten the ball rolling to get Aspire added to our plan. Detailed information about these fees can be found by digging through the prospectus. BrightHouse (in Administration) is the UK's largest rent-to-own lender. This means that if you move jobs you won’t need to worry about changing your MPO log in details. This charge is common for variable annuities, but it’s not something you have to pay with all annuities. Withdrawal Requirements’’ located at the back of this form. AXA has entered into sub-advisory agreements with Fidelity, Goldman Sachs, Invesco, Ivy Funds, Lazard, MFS, Oppenheimer, PIMCO, Franklin Templeton and Van Eck. 401(k) plans, on the other hand, are provided by employers engaged in for-profit businesses. The true cost of fees over the course of teaching career is illustrated below. Says AXA: “The Target Date Allocation Portfolios are not guaranteed at any time, including the target date.”. Gain a much clearer sense of whether this annuity fits your individual savings needs so that you can make an informed decision. Over 30 years the 1.75% annual fee costs you 65.37% of your real profits. The contract also offers death benefit protection and, as discussed earlier, it offers a Personal Income Benefit for an additional cost. This annuity also gives the agent commissions based on your contributions. What is a 403(b)? These ratings are the opinions of an operating insurance company’s financial capacity to meet the obligations of its insurance policies in accordance with their terms. The world of investments can be intimidating, but really it’s like any other shopping experience. Answer: We recommend always using a personal email address for your MPO account rather than a work email. Overall Fees: There are additional fees associated with variable annuities that are not found in other types of annuities or mutual funds. Does being more conservative inside this variable annuity mean you won’t lose money right before your retirement date? agree to absorb all losses to the extent they exceed the protection provided by the SIO at maturity. Some annuities that offer this fee add a guaranteed income base growth rate that typically range from 4.5-5.5% on top of the locked-in watermark. If you own this annuity, or you’ve been pitched this by an agent/advisor and want an independent, objective review—then you’re in the right place. A variable annuity is the only type of annuity that charges the M&E fee. Once you do retire, the difference between paying 1% or 2% could mean running out of money sooner. 403(b) plans work almost identically to 401(k) plans. such guarantees.”. Private Advisor Group and Warwick Valley Financial Advisors  are separate entities from LPL Financial. The SEC’s Office of Investor Education and Advocacy has issued bulletins warning investors how much fees can impact the growth potential of a portfolio. Maybe they bought you lunch in the teacher’s lounge and gave a short presentation about the basics of the 403(b) plan. This is a detailed post about a popular 403(b) annuity product, the AXA EQUI-VEST variable annuity. The max they can charge is 1.34%. This would give people access to both Vanguard and Fidelity options, along with a bunch of others. This pdf is only for an American Dental Association plan. There is no additional tax benefit to you when you buy this annuity inside a 403(b) or retirement plan. The account fees are high. The surrender fees are stupid. First, the death benefit is only paid out if you die. Please note that AXA Equitable will not process your request if the Employer sponsoring your 403(b) plan, or its designee, has specifically advised that hardship withdrawals are not permitted in its plan. Let’s say hypothetically you’ve contributed $100,000 over a 15-year period, and the investment performance helped it grow to $150,000 over that time period. You want to compare prices and features, and understand exactly what you’re buying. Read our full 403(b) vs 401(k) comparisonhere. Typically speaking, a surrender fee is only assessed when an investor makes a withdrawal prior to a specified time. Thanks again for reading, and as always, if you have any questions or would like to have your retirement portfolio reviewed, don’t hesitate to reach out and schedule your no-obligation consultation. Benefits: Once your Personal Income Benefit withdrawals start, they continue for as long as you (or you and your spouse) live, even if your Personal Income Benefit account value drops to zero. A 403(b)(7) custodial account program provides mutual fund investment options to 403(b) plan participants. If you As I found out through researching AXA 403(b)’s, they are, in my opinion, one of the worst products on the market. “An annuity contract that is purchased to fund an employer-sponsored retirement savings plan should be done so for the annuity’s features and benefits other than tax deferral. You may also want to consider the relative features, benefits, and costs against or with any other investment that you may use in connection with your retirement. It looks like it might be teacher specific. Furthermore, withdrawals may “significantly reduce” the future income payments of the Personal Income Benefit for which you’re paying that additional 1%. Buying this variable annuity or any annuity cannot give you double tax-deferral because there’s no such thing. 25%. You’re paying for it with the M&E fee we talked about earlier. Vanguard direct does not use their Admiral class funds, only their Investor class, while Fidelity does use their Premier class index funds. And speaking of return potential, selecting the income benefit rider will restrict your investment options. It’s a perk that comes with the plan. i am pretty sure the expense ratio and fees at AXA is eating up your 403b account. Let’s recap: As a participant in a 403(b) account, you have a choice to invest in either annuities or mutual funds. by krow36 » Mon Feb 13, 2017 10:12 pm, Post The investment returns and principal value of the available sub-account portfolios will fluctuate so that the value of an investor’s unit, when redeemed, may be worth more or less than their original value. AXA may waive this fee if your account value is higher than $50,000. One thing to be aware of with this particular annuity is that the surrender charge is based on how long your contributions have been in the contract. Says AXA: “The percentage varies depending on the type of contribution (e.g., payroll, rollover, or direct transfer) and the date of the contribution or transfer. In this post you say you're in Ohio, if so go to. My husband doesn’t have a 403(b) yet for the same reason that I don’t have a 457 plan. I was a new teacher and just following what everyone else wad doing, then I found bogleheads... Take a look at this document. Then the market takes a turn for the worse and drops by 30%. Many of you probably signed up with a sales rep or agent that came to visit your school. ). Withdrawals made prior to age 59 ½ are subject to 10% IRS penalty tax and surrender charges may apply. For the younger investor in their 40s or 50s, paying the additional 1 percent for an income guarantee now may not make sense, especially when you consider that the income rider fee is assessed for the life of the policy. But you remember you have a death benefit! In this case, the AXA Equi-Vest variable annuity agrees to pay out your total contributions even if your account takes a terrible market hit. See if anyone currently using them will print off what their contract is. As far as investment-specific fees go, the company states that investments in your Protected Benefit Account come with expenses that range from 0.98% to 2.46%. Option, not options. Be sure to read carefully the marketing materials and prospectus, and if you don’t understand what you’re paying for, ask questions and receive a full disclosure before making a decision. What’s different about this annuity is that you remain invested in the stock market even while you are taking income withdrawals, which is why you have those additional fees. Deferred annuity contracts such as EQUI-VEST® provide for conversion to payout status at or before the contract’s “maturity date.” This is called annuitization. I spoke with a different AXA adviser and he told me the same thing. AXA Advisors, LLC, makes available a 403(b)(7) group custodial account program through PenServ Plan Services, Inc. (PenServ) PenServ provides recordkeeping and administration services for the 403(b)(7) group custodial account program. If you currently own this annuity: Now may be a good time to take another look and evaluate this product in light of your long term goals. Post In fact, millions of people who save in 403(b) plans may be losing nearly $10 billion each year in excessive investment fees, according to a recent analysis by Aon, a retirement consultant. Whether the higher fees make sense for you will depend on your specific needs and situation. On top of the expenses for the underlying funds, there is a .15% administrative fee, and a yearly fee of $40 I believe. (All those extra fees with no value added!) Even if you do die, your account didn’t drop below your total contributions, so the death benefit guarantee did not provide any guarantee in this example. That would be a good deal. I don’t think small differences of about 0.05% make a significant difference unless you are dealing with very large accounts. For example, if you are contributing $1,500 a month to your retirement plan, and 10 years into your contract you want to make a small withdrawal to pay off your home, you would have to pay 5% to AXA on any contributions made during the five previous years. The target date is the approximate date when investors plan to start withdrawing their money. This is on top of all the underlying expense fees. Does anyone know what the AXA 403(b) fees are? It enables compounding growth of your investments and can reduce the amount of tax you pay along the way. Personal Income Benefit Charge: This is the charge for Income Rider, an optional fee common for deferred annuities. I didn't read your other thread but if it hasn't been mentioned, one reason that school districts and others select these plans from the various life insurance companies is that they can offer these plans to the district for "free". Does that mean you get to earn higher returns? I had AXA at one time. All deferred annuities provide tax-deferred growth potential, not just this one. A fee charged to process a hardship distribution. Says AXA: “No more than 25% of any contribution can be allocated to the GIO.”. Brokers generally receive an up-front commission when they sell a variable annuity. It doesn't apply to K-12 403b plans. These frequently asked questions and answers provide general information and should not be cited as authority. They won’t charge you the $30 fee if your account value is $25,000 or more. This fee is pretty standard for annuity contracts of this nature. by krow36 » Sun Oct 20, 2019 11:28 pm, Post A teacher who works 40 years and has a variable annuity with AXA, VALIC, Security Benefit, MetLife (just to name a few) can lose over $350,000 due to fees. by tchasteen » Sat Feb 11, 2017 12:00 pm, Post Fax: (845) 981-7299 So, if you invested $8,000 every year then you’d lose $99,375.97 to fees (adjusted for inflation). However, in general, variable annuities will add at least 1% in costs just for the M&E fee alone, not to mention the fees for the variable sub-accounts and income riders that can (and often are) added on. Separate Account Charges: This is what the AXA Variable Annuity calls the M&E or mortality and expense fee at 0.95%, and they add another 0.25% for a total fee of 1.20%. A 403(b) is a retirement plan provided by employers in nonprofit organizations. [1], Income Rider Benefits: Personal Income Benefit. I’m also on a mission to inform teachers about this commonly available variable annuity. Get familiar with the various types of fees so that you’ll know exactly what you’ll be charged by the AXA Equi-Vest variable annuity. by KESP » Fri Feb 10, 2017 12:13 pm, Post by Duckie » Fri Feb 10, 2017 8:42 pm, Post Find out why I suggest every teacher dump their AXA 403(b): [VIDEO REMOVED FOLLOWING PRESSURE FROM AXA’S LEGAL COUNSEL] What state are you in? https://ada.axa-equitable.com/pdf/ada__ ... losure.pdf. Guarantees are based on the claims paying ability of the issuing insurance company. Variable annuities are long term, tax-deferred investment vehicles designed for retirement purposes and contain both an investment and insurance component. Home » Blog » An Independent Review of: The AXA EQUI-VEST® (Series 201) contract for employer-sponsored 403(b) retirement plans. This fee is charged by the life insurance side to cover the cost of providing the “Personal Income Benefit.” For this benefit, you will pay 1% annually, based on the value of your Personal Income Benefit account. So i am currently investing 15% of my salary in an AXA 403b sponsored by my work. The MSCI EAFE Index consists of the following developed country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. by runner9 » Sat Feb 11, 2017 12:47 pm, Post The EQUI-VEST overview states: “There is risk of substantial loss of principal because you would I did that for you. We had Fidelity lovers and Vanguard lovers so that's why we went with Aspire. Its benefits include providing for the accumulation of retirement savings via tax-deferred growth. want a guarantee of principal, you should consider other investment options or products that provide The average mutual fund fees and expense ratio is 1.02% a year, according to the Investment Company Institute. Option, as in one. In 2017, the North American Securities Administrators Association listed “variable annuity sales practices” as one of its top investor threats. AXA pays agents 1.5% to 2% commissions on every future dollar you contribute to your 403 (b) annuity. The Personal Income Benefit investment option is available to plan participants between the ages of 45 and 85. AXA also reminds you that you should buy this annuity based on its features and benefits, so let’s take a look at those. If you have a Facebook account, one of the best ways to spread this message around is by “sharing” the post by using the Facebook icon below (it’s a blue square with a white F on it). And that’s in addition to the fees that are charged by that product’s mutual funds that make up your sub-accounts. by merdock69 » Sun Oct 20, 2019 10:03 pm, Post The Personal Income BenefitSM is a “pension-like” plan benefit, available through the Retirement Gateway® group annuity, which the company says provides guaranteed withdrawal payments and helps employees be more confident about retirement. Overall fees including a Mortality and Expense Risk charge, Surrender Charges based on ongoing contributions, Agent commissions and compensation based on ongoing contributions, Income rider features that limit investment options for a lifetime fee, Annuitization of the contract may be required, No additional tax benefits when part of a 403(b). I finally tuned in when I came across the website 403(b)wise. Features: The amount of your income withdrawals under this feature will never decrease—unless of course you make early or excessive withdrawals as specified by the contract. 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