You can obtain contract and sub-account prospectuses and summary prospectuses from your financial representative or by clicking on the prospectus link within this article. My goal is to make my review of annuities as impartial and objective as possible. In my case, the current charge is 1.15%, but it could go up to a max of 1.24%. Home » Blog » An Independent Review of: The AXA EQUI-VEST® (Series 201) contract for employer-sponsored 403(b) retirement plans. If you’re not familiar with variable annuity products and how they work, fees can be confusing to decipher. The SIO enables you to seek growth, up to a limit, with some downside protection. None of the third parties referenced in this communication are affiliated with Warwick Valley Financial Advisors, Private Advisor Group or LPL Financial. Variable annuities invest directly in the market, and as such, they can lose money just like stocks and mutual funds. A 403(b) plan, which is like a 401(k) for educators and non-profit employees, can help supplement your pension or other retirement savings. Deferred annuities are long-term contracts and most annuities of this type charge surrender fees during the first 5 to 10 years of the contract. The Terrible 403(b) Option at My Husband’s Work. Furthermore, any investment that you purchase inside your 403(b) account can give you tax-deferred growth. by runner9 » Sat Feb 11, 2017 12:47 pm, Post by Novine » Sat Feb 11, 2017 12:37 pm, Post After retirement, you can move one or the other to a single provider but I wouldn’t worry about it now. When this investment might make sense: If you have already maxed out all your qualified retirement accounts and would like to put aside more money into a tax-deferred account, then a variable annuity might be an appropriate option. This means that if you move jobs you won’t need to worry about changing your MPO log in details. I am a teacher. This creates ongoing compensation for your broker. Investors should consider the investment objectives, risks, charges and expenses of the variable annuity contract and sub-accounts carefully before investing. The investment returns and principal value of the available sub-account portfolios will fluctuate so that the value of an investor’s unit, when redeemed, may be worth more or less than their original value. If you are like many school district employees, there is a good chance you are using a 403(b) plan as a way to supplement your pension in order to build a healthier retirement. These are typically 403(b)s offered by insurance companies (AXA, VALIC, MetLife, etc. For someone trying to save for a retirement, fees are an important consideration. It looks like it might be teacher specific. However, variable annuities offer features and benefits that may not be available with other investment options. This offers a guaranteed rate of interest and a guarantee of principal. Re: Does anyone know what the AXA 403(b) fees are? Underlying Portfolio Operating Expenses: This is another ongoing fee charged for the investments inside of the variable annuity. . Does anyone know what the AXA 403(b) fees are? How about the Guaranteed Interest Option (GIO)? Yet, over 50% of teachers are using them to save for retirement. And speaking of return potential, selecting the income benefit rider will restrict your investment options. If you have not contributed to a ROTH IRA, i would contribute to that instead by opening an account at Vanguard, Fidelity, or Schwab. Tax-deferred Growth: One of this annuity’s main advantages is that the investments inside this product give you tax-deferred growth. https://ada.axa-equitable.com/pdf/ada__ ... losure.pdf. All deferred annuities provide tax-deferred growth potential, not just this one. Axa pays a commission of 1.5 percent to 2 percent on every future dollar an employee contributed to a 403(b) … This is on top of all the underlying expense fees. What’s different about this annuity is that you remain invested in the stock market even while you are taking income withdrawals, which is why you have those additional fees. The sales agent may also tell you that these investments all benefit from tax-deferred growth. Get And Sign Axa Hardship Withdrawal 403b 2012-2021 Form . I don’t think small differences of about 0.05% make a significant difference unless you are dealing with very large accounts. Once a contract owner selects a Personal Income BenefitSM, they will be limited to one of these five allocation models: AXA also gives you other options if you don’t want to pay the income rider fee. There is also "other expenses" of .25%. Currently operating under Government guidance as to remote working or, where essential services are being carried out. The range was much narrower for large plans, with all-in costs ranging from 0.34% to 0.58%. Post He finally told me that he gets 5% of every dollar I invest, plus the cost of the funds. Okay. If you Its benefits include providing for the accumulation of retirement savings via tax-deferred growth. We had Fidelity lovers and Vanguard lovers so that's why we went with Aspire. by Teacher88 » Tue Feb 14, 2017 9:55 am, Post pensation from AXA, the lergy Advantage 403(b) Plan provider in the amount of .25% of every $100 in the plan annually. Find out why I suggest every teacher dump their AXA 403(b): [VIDEO REMOVED FOLLOWING PRESSURE FROM AXA’S LEGAL COUNSEL] Riders are additional guarantee options that are available to an annuity or life insurance contract holder. In this case, the AXA Equi-Vest variable annuity agrees to pay out your total contributions even if your account takes a terrible market hit. A fee charged to facilitate transactions between buyers and sellers. This is a good thing. I spoke with a different AXA adviser and he told me the same thing. EQUI-VEST® is a deferred annuity contract issued by AXA Equitable. I wanted to roll my amount (only about 9k thus far) in another account due to Axa being tough to deal with and fees being towards 2%. When it comes between choosing between a 403b direct with Fidelity, direct with Vanguard or with Aspire self directed using either Vanguard or Fidelity, there is very little difference in costs. Does being more conservative inside this variable annuity mean you won’t lose money right before your retirement date? [1], Income Rider Benefits: Personal Income Benefit. You see a $45,000 drop in your total account value, and your new account balance is now $105,000. I have no idea why this seems to be such a big deal because in every case, if you need an annuity, you are better off getting one from anyone but these providers. If you are interested in a more detailed analysis specific to your situation, feel free to contact me. A variable annuity is the only type of annuity that charges the M&E fee. PlanConnect, LLC, (PlanConnect) provides recordkeeping and administration services for the 403(b)(7) group custodial account program. For the investor who is age 65 and near the time of retirement, this might give you a layer of protection, but keep in mind that with this type of annuity, you’ll be paying over 2.5% annually just to get this benefit, and these fees negatively impact your return potential. What you may find with plans from Vanguard or Fidelity is an expectation that the district will cover some of the plan-related expenses. There is no additional tax benefit to you when you buy this annuity inside a 403(b) or retirement plan. Statistically speaking, the chances of meeting with an untimely death when the market is down AND when you’ve lost a portion of your contributions may be relatively low. But you’re probably already getting this benefit. Before purchasing any investment product, be sure to do your own due diligence and consult a properly licensed professional should you have specific questions as they relate to your individual circumstances. Furthermore, withdrawals may “significantly reduce” the future income payments of the Personal Income Benefit for which you’re paying that additional 1%. E-mail: info@warwickfa.com, © Securities offered though LPL Financial, member, Your Primary Source for Trusted Financial Guidance, An Independent Review of: The AXA EQUI-VEST® (Series 201) contract for employer-sponsored 403(b) retirement plans, AXA Equitable Life Insurance Company Variable Annuity Review, Separate Account Charges: 1.20 % (Mortality & Expense charge 0.95% + other expenses 0.25%), Underlying Portfolio Operating Expenses: 1.03% (average fund expense). A 403(b) is like a 401(k) for educators. It locks in your account value at the high-water mark, which is a crediting method based on the highest level attained by the reference index over a given period of time. The death benefit is often sold as a way to guarantee that even if the market goes down and your contract loses money, a death benefit would still be paid. If you’re contributing the maximum 2018 amount of $18,500 to your plan and, if over 50, also taking advantage of $6,000 catch-up contributions, then AXA could be paying as much as $490 a year to your broker. It doesn't apply to K-12 403b plans. A 403(b)(7) custodial account program that provides mutual fund investment options in response to a Request for Proposal (RFP). Asset allocation does not ensure a profit or protect against a loss. (12b1). AXA Advisors, LLC, makes available a 403(b)(7) group custodial account program through PenServ Plan Services, Inc. (PenServ) PenServ provides recordkeeping and administration services for the 403(b)(7) group custodial account program. Our human resources lady said if I can get 5 people interested in Vanguard's plan, the district could try to add them. If I try to add Axa as a straight Brokerage account I can login, but the account is reported as "Unknown Type". You basically lose all the returns you’ve gained. Although Aspire adds the 0.15% fee to Vanguard’s and Fidelity’s expense ratios, Aspire is able to use both VG’s Admiral class index funds as well as Fidelity’s Premier class. It offers Structured Investment Options (SIO) that enables you to invest for growth with some downside protection for a set period of time. I did that for you. Over time, these additional costs can negatively impact your return potential. by merdock69 » Sun Oct 20, 2019 10:03 pm, Post  The variable annuity carries additional fees that should be considered. by krow36 » Mon Feb 13, 2017 10:12 pm, Post Case in point: A class action lawsuit brought against Hartford Life on behalf of about 24,000 municipal employees in San Diego County and Los Angeles CA illustrates one potential outcome: The plaintiff’s lawyers asked Hartford Life during the discovery process how much in death benefits the company had paid in the 17 years that both the San Diego and Los Angeles plans had existed. It’s always satisfying for me to break down complicated financial products out there to try and provide some clarity on how they really work. These frequently asked questions and answers provide general information and should not be cited as authority. A fee charged to process a hardship distribution. I’ll be going into the details when we get to the benefits and features section. Upton Sinclair: "It is difficult to get a man to understand something when his salary depends on his not understanding it.". AXA also reminds you that you should buy this annuity based on its features and benefits, so let’s take a look at those. Understand how to compare this product’s fees, features, and benefits against other available. The average mutual fund fees and expense ratio is 1.02% a year, according to the Investment Company Institute. Then, you do the math and realize, you’ve only paid in $100,000. Separate Account Charges: This is what the AXA Variable Annuity calls the M&E or mortality and expense fee at 0.95%, and they add another 0.25% for a total fee of 1.20%. by harpgirl555 » Mon Sep 17, 2018 8:21 pm, Post http://www.bankrate.com/calculators/ret ... lator.aspx, https://www.ohio457.org/iApp/tcm/ohio457/index.jsp, https://www.nytimes.com/2016/10/27/your ... .html?_r=1, http://board.403bwise.com/index.php?showtopic=6375, https://us.axa.com/docs/teacher-retirement.pdf, http://board.403bwise.com/topic/6361-li ... -platform/, https://prospectus.axa-equitablefunds.c ... =NA&d=1512, https://www.vanguard.com/pdf/403binvt.pdf, $25 per participant per year for ongoing enrollment plus, $12 per year for recordkeeping ($3 per participant per quarter) plus, 0.50% charges on all assets (0.49% program & 0.01% other), EQ/Equity 500 Index (0.36 + 0.50 = 0.86%) -- Large caps, 80% of US stocks, EQ/Small Company Index (0.37 + 0.50 = 0.87%) -- Small caps, 14% of US stocks, EQ/MFS International Growth (0.98 + 0.50 = 1.48%) -- International stocks, expensive, EQ/Core Bond Index (0.46 + 0.50 = 0.96%) -- US bonds, EQ/Equity 500 Index (.58% + 1.20% = 1.78%) -- Large caps, 80% of US stocks, EQ/Small Company Index (.64% + 1.20% = 1.84%) -- Small caps, 14% of US stocks, Russell 200 Index, EQ/Common Stock Index Portfolio (.70% + 1.20% = 1.90%) -- 98% of the investable U.S. equity market, EQ/Mid Cap Index Portfolio (.72% + 1.20% = 1.92%) -- S&P MidCap 400 Index, EQ/Core Bond Index (0.67% + 1.20% = 1.87%) -- US bonds, EQ/Intermediate Government Bond Portfolio (0.64% + 1.20% = 1.84%) -- US Government Bonds, EQ/International Equity Index Portfolio (0.81% + 1.20% = 2.01%) -- International stocks, most expensive of the "lowest cost" options, EQ/Short Term Bond Portfolio (0.81% + 1.20% = 2.01%) --. Then the market takes a turn for the worse and drops by 30%. During the growth phase, you can invest on a tax-deferred basis in one or more of AXA’s variable investment options or guaranteed interest options (GIO) or structured investment options (SIO). This fee is charged by the life insurance side to cover the cost of providing the “Personal Income Benefit.” For this benefit, you will pay 1% annually, based on the value of your Personal Income Benefit account. AXA has entered into sub-advisory agreements with Fidelity, Goldman Sachs, Invesco, Ivy Funds, Lazard, MFS, Oppenheimer, PIMCO, Franklin Templeton and Van Eck. The surrender fees are stupid. by tchasteen » Tue Feb 14, 2017 5:31 pm, Post How do the fees in this particular annuity stack up against the fees inside other investment options? I was leaning towards a Vanguard IRA. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material. Today I’m going to break down an annuity that is issued by AXA Equitable Life Insurance Corporation. I then received a letter from the school district plan administrator stating that vanguard was not an approved provider and they would not support salary reductions for the account. by Vanguard Fan 1367 » Mon Oct 21, 2019 8:59 am, Powered by phpBB® Forum Software © phpBB Limited. These are pretty standard features that typically come with most income riders sold on annuities, and you can get them for less cost. My adviser did not want to give me that information until I got tough with him. by krow36 » Sun Oct 20, 2019 11:28 pm, Post (Source: 403bwise.org) See Also: When 2% Costs Everything–How Investment Fees Cost You Your Freedom. This product is marketed as a solution to help supplement your retirement income needs. If you’re looking for protection from market risk, you may select the Structured Investment Option (SIO) available within certain EQUI-VEST variable annuities. That would be a good deal. When your contract is annuitized, your money is converted into payouts (this being the payout phase). Brokers generally receive an up-front commission when they sell a variable annuity. The EQUI-VEST overview states: “There is risk of substantial loss of principal because you would The 403(b) platform offers over 90 in-vestment options and 34 different money managers. Warwick, NY 10990, Direct: 845-981-7300 There is no charge to move among the investment options. If you work in K-12 school and participate or plan to participate in a 403(b), there is a good chance you may get pitched the AXA EQUI-VEST variable annuity. No guarantees are made as to the accuracy of the information on this site or the appropriateness of any advice to your particular situation. But there are a few differences. That could mean the difference between retiring early or late. AXA states in the prospectus: “. Thanks again for reading, and as always, if you have any questions or would like to have your retirement portfolio reviewed, don’t hesitate to reach out and schedule your no-obligation consultation. Investment advice offered through Private Advisor Group, a registered investment advisor. What state are you in? *Standard and Poor’s Rating Service provides ratings which measure the claims-paying ability of an insurer. At least AXA engaged, letting me know that the Equi-Vest 201 variable annuity that it offers via a prospectus that runs 132 pages would cost a minimum of 1.81 percent annually in one version and possibly a fair bit more.” What if you know you need more money than that? For many teachers, they have started saving for retirement inside of a Tax Sheltered Annuity (TSA). Investments growing tax-deferred can accumulate and compound untouched by federal, state, or local income taxes until you begin making withdrawals, which is usually after retirement. This independent review will cover the following information on the AXA Equi-Vest Annuity: How will this AXA annuity product review help you? The world of investments can be intimidating, but really it’s like any other shopping experience. I was signed up with AXA at a school professional development meeting. Please note that AXA Equitable will not process your request if the Employer sponsoring your 403(b) plan, or its designee, has specifically advised that hardship withdrawals are not permitted in its plan. So i think Fidelity still comes out slightly ahead of the other two 403b options. According to one analysis from the independent investment research company Morningstar, the most popular version of the AXA Equi-Vest annuity has total annual operating costs that can range from 1.81% to 2.63%. That’s right. Investors have access to over 80 variable investment options including numerous equity and fixed income portfolios as well as various asset allocation and target date portfolios. Says AXA: “No more than 25% of any contribution can be allocated to the GIO.”. i am pretty sure the expense ratio and fees at AXA is eating up your 403b account. Over time, higher fees can negatively impact your return potential. Thanks for reading this review. ). Read our full 403(b) vs 401(k) comparisonhere. My own stupidity for not checking on that before I started investing. Some annuities that offer this fee add a guaranteed income base growth rate that typically range from 4.5-5.5% on top of the locked-in watermark. 401(k) plans, on the other hand, are provided by employers engaged in for-profit businesses. The prospectus and, if available, the summary prospectus contains this and other important information about the variable annuity contract and sub-accounts. Withdrawal Charges: In addition to all the fees listed above, the AXA Equi-Vest variable annuity also charges a surrender fee (sometimes known as a withdrawal charge). Overall fees including a Mortality and Expense Risk charge, Surrender Charges based on ongoing contributions, Agent commissions and compensation based on ongoing contributions, Income rider features that limit investment options for a lifetime fee, Annuitization of the contract may be required, No additional tax benefits when part of a 403(b). However, in general, variable annuities will add at least 1% in costs just for the M&E fee alone, not to mention the fees for the variable sub-accounts and income riders that can (and often are) added on. Guarantees are based on the claims paying ability of the issuer. Gain a much clearer sense of whether this annuity fits your individual savings needs so that you can make an informed decision. The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. You listened and absorbed as much as you could, but there is a chance that some of the facts were not fully understood during the sales process. Once you do retire, the difference between paying 1% or 2% could mean running out of money sooner. Private Advisor Group and Warwick Valley Financial Advisors  are separate entities from LPL Financial. Bonds are subject to market and interest rate risk if sold prior to maturity. Read prospectuses carefully before investing. Nationwide offers insurance, retirement and investing products that protect your many sides. I have a Axa 403B I would like to track in quicken. Bond values will decline as interest rates rise and bonds are subject to availability and change in price. They won’t charge you the $30 fee if your account value is $25,000 or more. If you have a 403(b) plan, then you’re already getting tax-deferred growth. Withdrawals made prior to age 59 ½ are subject to 10% IRS penalty tax and surrender charges may apply. On the other hand, the annual fees on variable annuities usually start at 2% and vary up to 3%, according to FINRA. If you decide to contribute to your 403b account, i would find a different vendor (e.g. This creates ongoing compensation for your broker. Fees to the insurance company associated with risk protection, Fees associated with the investment funds inside the contract, $6,000/ year allowed for catch-up contributions if over 50. A variable annuity is a type of deferred annuity, so there are two phases to your contract: the growth phase, and the income phase. 2000 A.M. Best Company, Inc. 20 Apr. In 2017, the North American Securities Administrators Association listed “variable annuity sales practices” as one of its top investor threats. BENEFITS & FEATURES AS ADVERTISED BY THE AXA EQUI-VEST ANNUITY: ADDITIONAL BENEFITS AND FEATURES OF THE AXA VARIABLE ANNUITY, Ask a Question or Schedule a Consultation, North American Securities Administrators Association, clicking on the prospectus link within this article, Podcast: Bruce McNutt and Ken Ford discuss 403b’s. Selling annuities also creates a continuing income stream for the brokers. by runner9 » Tue Feb 14, 2017 7:46 am, Post Investment Options:  AXA EQUI-VEST variable annuity offers a wide range of investment options inside this contract. One percent is a pretty standard charge for income riders, but do you need it? The percentage can be as high as 7% and never less than 2.5%.”. It’s specifically designed for education and non-profit professionals, has the flexibility to adjust as your needs change and can help you turn your salary into a more comfortable retirement. Any investment inside a 403(b), 401(k), IRA, or tax-qualified retirement plan has the potential to grow tax-deferred, even if they aren’t inside an annuity. For the younger investor in their 40s or 50s, paying the additional 1 percent for an income guarantee now may not make sense, especially when you consider that the income rider fee is assessed for the life of the policy. AXA variable annuity 403b: 3.36% in fees AXA mutual fund 403b: 1.25% in fees Fidelity 403b: 0.07% in fees You can calculate the cost of these fees over time using this calculator: http://www.bankrate.com/calculators/ret ... lator.aspx I used $50,000, kept for 20 years and assumed a market return of 6%. Deferred annuity contracts such as EQUI-VEST® provide for conversion to payout status at or before the contract’s “maturity date.” This is called annuitization. 25%. Many of you probably signed up with a sales rep or agent that came to visit your school. There are situations when the withdrawal charge is waived—for example, if you are confined to a nursing home for more than 90 days—and they no longer apply after the completion of 12 contract years. Variable annuities are long term, tax-deferred investment vehicles designed for retirement purposes and contain both an investment and insurance component. Second, this benefit doesn’t come free. The Russell 2000 Index is an unmanaged index generally representative of the 2,000 smallest companies in the Russell 3000 index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. Ahead of the plan between retiring early or late American Securities Administrators Association “... Paid in $ 100,000 own stupidity for not checking on that before started. Paying around 2.4 %, but it could go up to a max of 1.24.... Wanting to protect their nest egg Assumes under this particular annuity contract sub-account... 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