New Fee Disclosure Solution Released by NEA, NTSAA & ASPPA Joint 403(b) Taskforce

| February 1, 2012 | 0 Comments

Model Disclosure Sets National Transparency Standards for
Public School 403(b) Fees & Services

ARLINGTON, VA., (February 1, 2012)—Partners of the 403(b) Transparency Taskforce including the National Education Association (NEA), the National Tax Sheltered Accounts Association (NTSAA) and The American Society of Pension Professionals & Actuaries (ASPPA) today launched the 403(b) Model Disclosure Form—the first ever transparency standards for disclosure of fees and services in the public school 403(b) marketplace.

Public school 403(b) plans are a crucial part of public education employee retirement plans and often the largest retirement asset over which they have complete control. Public school 403(b) plans are fundamentally different from 401(k) plans since participants don’t receive the same disclosure or protections. That’s why the industry-led 403(b) Transparency Taskforce created the form as a disclosure mechanism to simplify the process for administrators and participants.

With the new 403(b) Model Disclosure form, teachers and other school district staff will for the first time, have a simple uniform tool to make apples-to-apples comparisons among their 403(b) retirement plan investment options. The form is designed to offer public school employees simple and clear information about the services and fees associated with their retirement savings choices, so they can make the best decisions about their 403(b) retirement savings.

“Transparency benefits everyone in the 403(b) marketplace—that’s why we urge adoption of the 403(b) model disclosure form by public schools throughout the country. We believe that once these standards are in use, school employees will have a better handle on their retirement plan options. We maintain that improving transparency is a far better approach to improving the 403(b) marketplace, than taking away public school employees retirement choices,” said Brian Graff, Executive Director and CEO of ASPPA.

“NEA believes this disclosure tool will offer clear information for teachers and education support professionals to evaluate the 403(b) options offered by their employers and to make informed retirement planning decisions. The NEA is committed to offering its members the best resources to support their professional and personal lives, through its wholly owned subsidiary, NEA’s Member Benefits Corporation (NEA MB),” said Gary Phoebus, President and CEO of NEA MB.

“Our members are on the front lines as school administrators, helping school district employees save for their retirements. Our hope is that this comparison tool will aid administrators in this process and serve as a best practice to simplify and standardize investment provider information for school districts and their employees,” said Michael Johnston, Assistant Superintendent Clovis California Unified School District, President-Elect, California Association of School Business Officials (CASBO).

Members of the 403(b) community will have an opportunity to discuss the model disclosure tool at the upcoming NTSAA 403(b) Advisor Summit on February 8-10, 2012 and during a NTSAA-sponsored webcast on February 28 which will guide school administrators and 403(b) advisors through the disclosure tool and implementation process.

The 403(b) Model Disclosure Form is available here.   Watch our video on the background for creating the 403(b) Model Disclosure Form here.


The National Education Association (NEA) is the nation’s largest professional employee organization, representing 3.2 million elementary and secondary teachers, higher education faculty, education support professionals, school administrators, retired educators and students preparing to become teachers. NEA’s Member Benefits Corporation (NEA MB) is a wholly-owned subsidiary of the NEA charged with bringing additional value to Association membership by providing financial products and solutions tailored for NEA members and their families. For more information visit

The National Tax Sheltered Accounts Association (NTSAA) is the only independent, non-profit association dedicated to the 403(b) and 457 marketplaces in the nation and represents practitioners, agencies, corporate, and employer members. The NTSAA mission is to provide members with high quality education, technical support, and information resources, as well as to offer a professional networking forum. For more information, visit

The American Society of Pension Professionals & Actuaries (ASPPA) is a national organization of more than 8,500 retirement plan and benefits professionals that serves as the educator, voice, and advocate for the employer-based retirement system. ASPPA members are administrators, actuaries, advisors, attorneys, accountants, and other financial services professionals who provide consulting and administrative services for qualified retirement plans. ASPPA is based in Arlington, Virginia, and has 20 regional ASPPA benefits councils (ABCs) providing local retirement plan employee benefit professionals with opportunities to participate in ASPPA activities in their local communities.


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