THE SUPPLEMENTAL ANNUITY COLLECTIVE TRUST OF NEW JERSEY (SACT)—-THE NATION’S FIRST 403(b) PLAN

Since 1963 the State of New Jersey has encouraged its public education workers to save for retirement by paying all costs associated with investing. If the teacher contributes $400—-$400 is actually invested. The $400 is not reduced by unwarranted fees/commissions.

The SACT, arbitrarily, invests teacher contributions in a common stock fund administered by the NJ Division of Investment. There is no investment menu. This is a clear breach of the Fiduciary Standard and must be corrected forthwith lest the State of New Jersey become the defendant in a Class Action lawsuit.