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Texas 403(b) Law Causes Adviser Concern Over Investor Protection

TedTed
in The Bullpen
FYI: A Texas law taking effect next month is causing concern among some retirement plan advisers who are worried that the legislature has weakened investor protection for public schoolteachers in the state.

The law — HB 2820, sponsored by Rep. Dan Flynn, a Republican — eliminates price caps on investment products such as annuities sold to employees in the state's kindergarten through 12th grade school system who participate in a 403(b) plan. Current rules stipulate that products have a maximum front-end or back-end commission of 6% and that product fees can't exceed 2.75% a year.
Regards,
Ted
https://www.google.com/search?source=hp&ei=CyxNXcPHMNWxtQajlZagBw&q=Texas+403(b)+law+causes+adviser+concern+over+investor+protection&oq=Texas+403(b)+law+causes+adviser+concern+over+investor+protection&gs_l=psy-ab.3...3973.3973..5650...0.0..0.90.168.2......0....2j1..gws-wiz.VmTON7qlc2I&ved=0ahUKEwiD-dvqrPXjAhXVWM0KHaOKBXQQ4dUDCAc&uact=5
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