Spring Savings: Why Employees Need to Stash Cash for Retirement

Spring has sprung! Now is a great time to sit down with your public school employees to review if they are on track to build a retirement nest egg that is sturdy enough to withstand the future. Click here for resources from The Model Plan provider companies to help facilitate this discussion. 

Letters of Commitment

Each member company signs a letter of commitment to ensure the investment options offered to Florida educators maintain the high standards set by the Model Plan, consistently throughout the state. The IBC Model Plan letter of commitment specifies that each provider that is approved as part of the IBC Model Plan due diligence will contribute $20,000 per year for the generic financial and retirement education of all Florida K-12 employees and ongoing compliance of all obligations to participants. No IBC member association is permitted to receive any financial benefit from this funding. This letter also outlines all criteria and assures the company will adhere to them.

By signing the letter of commitment, the Model Plan companies pledge to:

  • Certify that they do not exceed the maximum pricing structure in any Florida school district.
  • Offer this favorable pricing structure to all districts, regardless of size.
  • Automatically upgrade plans when enhanced products become available.
  • Ensure that representatives agree to sell only the products approved for the Model Plan (no bait and switch).
  • Provide a detailed plan to convert existing contracts with the districts to the Model Plan, thereby creating immediate benefits for current participants.
  • Guarantee rates for three years. IBC’s consultants regularly review financial data; if they find that a company’s proposed fees for subsequent years are excessive, the consultants may recommend eliminating the company from the Model Plan.

View the letters of commitment from each Model Plan company.