Gatekeeper 403(b) Fired
Gatekeeper, the 403(b) compliance company out of Phoenix is apparently struggling with growth, usually not a bad problem to have. The problem is that its attracting headlines and not good ones. One of the problems many 403(b) TPA's are having in this new regulation environment is that the massive demand for their services is overwhelming their ability to provide those services.
I predicted a year ago that we will see several failures of "TPA's" and the loss of money, there doesn't appear to be any loss of money in this situation and the TPA has not failed.
In some cases I think the districts need to be patient, but the first rule should always be the old Reagan rule "Trust, but verify".
Scott Dauenhauer CFP, MSFP, AIF