Would you believe that half of all teachers quit in the first five years of employment? It happens because teachers aren’t paid enough and because they burn out. But it also happens because teacher’s unions are ripping off their own members in their retirement plans, according to the LA Times. Teachers receive a special retirement fund called a 403b plan. And teacher’s unions are asking insurance companies for kickbacks in return for designating those companies as the teachers’ 403b company. One company mentioned in the article was ING. That in itself is shameful. But the teachers are the ones paying for it with huge management fees. Above board companies such as T. Rowe Price get 0.35 percent for management fees from teachers. On the other hand, companies that are in the union deals are charging teachers ten times that amount. In one union deal in California, teachers are paying 25 times that amount. Teachers can get out of these ripoff plans by doing a 1035 Exchange. Think about going with one of the lowest commission companies such as TIAA-CREF, Vanguard or T. Rowe Price. It will save you a ton down the road.