I've never had a high opinion of teacher's unions, but the following makes my blood boil. ----------------- "Had she been able to choose a simpler, less expen

I've never had a high opinion of teacher's unions, but the following makes my blood boil. ----------------- "Had she been able to choose a simpler, less expensive plan instead of the broker’s costly offering, Ms. Jusinski would have approximately 20 percent more in savings, according to an analysis performed for The New York Times. One colleague would have a balance 50 percent fatter. The list goes on. the people who do the most good in the world, spending their careers helping others in exchange for modest paychecks, often get the worst retirement plans. In fact, millions of people who save in 403(b) plans may be losing nearly $10 billion each year in excessive investment fees, according to a recent analysis by Aon, a retirement consultant. “It’s a wealth transfer from those who don’t know any better — Main Street — to those who do: Wall Street,” ... The N.E.A.’s Member Benefits group, a subsidiary, exclusively endorses a set of products from Security Benefit, a financial services company with nearly $32 billion in total assets that creates fixed and variable annuities and offers mutual funds. (The union’s program for teachers receives at least $2.7 million from Security Benefit each year, according to regulatory filings, which it said it paid to operate the program.) The products include an array of mutual funds, various annuities — and one lower-cost option in which investors can choose inexpensive index funds without a broker’s assistance. But most new money from school employees is invested in the mutual funds sold by brokers, according to Gary Phoebus, chief executive of N.E.A. Member Benefits. Fees in that program range from 0.35 to 1.25 percent. But that doesn’t include another layer of expenses for the underlying investments, which run from 0.59 to 2.11 percent, according to Security Benefit, and in some cases additional sales or surrender charges For comparison, total costs at a typical large 401(k) generally fall under 0.5 percent. Mr. Phoebus defended the program, saying it offered a wide variety of options “to meet the diverse needs and comfort levels of members.” The goal, he explained, was to balance fees while providing access to advice." ----------------- They've sold out their own union members, in return for a paycheck from the company that's fleecing their fellow teachers. And when confronted about the damage they are doing to their own community, they double down with meaningless weasel words and excuses. This is absolutely shameful.