Large retirement plan providers tried to offer California’s teachers and other education workers simpler plan options, but the Financial Services Institute said it should not come at the expense of access to quality personalized investment advice.

The FSI, and the independent broker dealers it represents, won out. California Assembly members defeated, in the insurance committee, a proposed bill that would have required that school districts, community colleges, county education offices and charter schools, choose no more than four providers to operate their respective 403(b) plans.  As such, participants would be restricted to choosing only the types of mutual funds offered by those four plan providers, according to the text of the proposed legislation.

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