California teachers, school employees may be paying thousands in extra fees on retirement accounts

Some teachers felt savvy when they read their monthly statements from SchoolsFirst Federal Credit Union and Nationwide, featuring a page proclaiming, “Nationwide Administration Expenses: $0.00.”

Not totaled in bold type, however, are the “gross expense ratios,” which is the annual cost of investing in a mutual fund, and “asset fees,” the amount charged to recover expenses.

Many public school employees have been paying thousands of dollars more in fees than they realize on supplemental retirement accounts because options have been difficult to ferret out and total fees hard to piece together.

SchoolsFirst/Nationwide ranked 30th on fees for 403(b) retirement accounts — $146 a year for every $10,000 invested, while No.

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