Randy Richardson, retired associate executive director of the Iowa State Education Association, shares the backstory on regulations Iowa Republicans weakened during this year’s legislative session. -promoted by desmoinesdem
On December 8, Bleeding Heartland shared a post entitled “Iowa Republicans Found Yet Another Way to Hurt Teachers This Year.” The post outlines the passage of House File 569, a bill that allowed 30 additional vendors to offer 403(b) products to teachers starting this year. GOP State Senator Tim Kraayenbrink, who is also a financial adviser, dismissed Democrats’ claims that the array of investments would be too confusing and allow companies to charge exorbitant fees on teachers’ savings. But is that accurate?
As someone who was very involved in the transition to the Retired Investors Club that is administered by the Department of Administrative Services, I thought it might be a good time to revisit why this all took place.