Kansas Legislators Considering Legislation to Eliminate 403(b) Plans For Teachers

The Kansas legislature has proposed Senate Bill 429 that would eliminate 403(b) plans for teachers. Please send the following letter to your State Senator to let them know that they should amend SB 429 using the Security Benefit amendment.

The Security Benefit amendment would protect the ability of public school employees to work with a local advisor of their choice and to have the ability to choose the investment options they want.

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The Security Benefit amendment would revise SB 429 to incorporate 403(b) plan options selected by local Kansas school districts.  In addition to the 403(b) plan providers selected by KPERS, each Kansas school district would select some additional 403(b) plan providers specifically for its employees.  The amendment would also avoid conflicts of interest by providing for an independent third party administrator and ensuring that materials do not favor specific annuity or investment providers or products.

Category: 403(b), Choice, Kansas, School Districts, State-run 403(b) Plans