08/02/2022
What does a $50 million fine for fraud look like? Take a look at the image below. It's a statement from AXA Equitable from 2019. Notice how it says that for the entire year, the teacher paid $0 in fees and expenses. That's never been true. Most teachers were, and still are, paying about 2.2% of their account value every year in fees and expenses. Have an account worth $100,000? You'd be paying $2,200 per year in fees, or about $183 per month just to have your account. My 403(b) with Vanguard? In that scenario, I would pay $100 per year in fees, or about $8 per month.
So does this $50 million fine mean AXA Equitable will now have to disclose the fees? Ha! Not at all. They've now changed their statements to say "Administrative/Transaction Charges", rather than "Fees and Expenses".
Get out of your unnecessarily high-cost 403(b) and into something better. Your money is worth it. Reach out to me to see how I can help or if you'd like to know if your school has a good 403(b) option.
