The Thrill of Victory, The Agony of Defeat - Envoy Learns its Fate The Attorney Generals office of the State of California has taken a big step in protecting educators best interests, and I bet most educators have no idea. Early last year, a company by the name of Envoy Plan Services created a firestorm of controversy when they came out of nowhere and started adminstering several California school district 403(b) & 457(b) retirement plans. The controversy surrounded how they charged for their services. Envoy charged vendors for their services - this effectively cut out low, mid, and many high cost vendors from district providers lists and created an opportunity for Envoy to funnel money into their own products. Myself, CalSTRS, 403bwise, and many mutual fund, insurance companies, and broker/dealers joined together in a rather wierd informal alliance to ensure that teachers would not be subjected to the long term affects of Envoy (see my Teachers Advocate newsletter for all the details).
Friday February 20, 2004
Friday February 20, 2004
Friday February 20, 2004
The Thrill of Victory, The Agony of Defeat - Envoy Learns its Fate The Attorney Generals office of the State of California has taken a big step in protecting educators best interests, and I bet most educators have no idea. Early last year, a company by the name of Envoy Plan Services created a firestorm of controversy when they came out of nowhere and started adminstering several California school district 403(b) & 457(b) retirement plans. The controversy surrounded how they charged for their services. Envoy charged vendors for their services - this effectively cut out low, mid, and many high cost vendors from district providers lists and created an opportunity for Envoy to funnel money into their own products. Myself, CalSTRS, 403bwise, and many mutual fund, insurance companies, and broker/dealers joined together in a rather wierd informal alliance to ensure that teachers would not be subjected to the long term affects of Envoy (see my Teachers Advocate newsletter for all the details).