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Are you affiliated with STRS/PERS/SERS?
No, we are not directly affiliated with the pension plan. We are vetted by, and contracted with, the State of Ohio, as well as various financial account vendors that are on your pension plans' menu. Because we are independent advisors rather than "captive", we are able to provide unbiased advice and act solely in your best interest.
Can my Pension Plan provide advice on how I can allocate my 403b supplemental account funds?
Pension Plans typically avoid giving any specific financial planning advice due to the liability it would create from a fiduciary perspective. Therefore, advisors with Novus Financial Group are here to help answer these types of questions. We have found that most of the public employees that we talk to are not even aware of all of the benefits/choices that they are entitled to.
Why do I need a Supplemental Account?
At the time that you plan to start retirement it is not common for your pension income to be equal to your final salary. As a matter of fact, there can be a gap of nearly 50% or more between your final salary and your pension income. Therefore, it often makes sense to use one of the supplemental accounts that you're entitled to "plug the gap". The advisors at Novus Financial Group can help you determine the best way to do this.
Do the advisors at Novus Financial Group have direct access to my pension details?
No. In order to keep your personal information confidential your pension plan only provides you with direct access to your account details.
What information do I need for my first virtual/phone appointment with a pension specialist from Novus Financial Group?
It would be helpful for you to have the MO & YR that you started working and enrolled in the public pension, your current salary, the timeframe that you're considering retiring, and the most recent statements of any IRAs or 403b accounts that you currently have that can be used for the purpose of planning to "plug the retirement income gap." We'd be happy to incorporate any existing spousal/partner retirement accounts, such as his/her own IRA/403b/457, into the gap plan as well. This information will help your Novus Financial Group advisor develop a plan and make your retirement assets work as hard as you do.
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Mark McCanney, Eric Seyboldt and the team at Novus Financial Group bring everything you need to know about retirement and income planning in a fast paced format. Each week, they reveal the latest developments in the financial world to keep you informed of changes that may affect you personally, while sharing some common sense strategies that will help you make the most out of your retirement savings. We are focused on helping investors preserve and grow their assets, increase their income, and reduce taxes.