Clark can’t believe that school teachers are still getting ripped off on their retirement plans. We want our teachers to be outstanding in all ways, yet we saddle them with inferior and often-corrupt retirement plans known as 403b plans. Teachers unions are to blame for this travesty. These unions recommend crummy, high-cost plans that eat up teachers’ money because the unions get kickbacks from the investment companies involved. One recent incident happened in New York where a teacher’s union received $3 million from ING Direct. The union involved was the New York State United Teachers and the plans they sold teachers were horrible. Now, the LA Times reports that the teacher’s union there has to pay restitution. Teachers were paying 28 times the cost of the fees they’d have in a low cost mutual fund. Now the union will have to pay that back, we hope. So, if you are a school teacher or know someone who is, odds are that he or she is being ripped off. Clark has some homework for you. Find out what you’re paying for management fees and expenses. If you’re paying half a percent to one percent, that’s okay. It can be much lower than that, but half a percent is your goal. Now, if you cross that line, you are paying too much. Yes, two percent is too much. If you have access to TIAA-CREF, put your money there. The company does not pay kickbacks and everything is above board. If you can’t get into a plan with TIAA-CREF, go with Vanguard or Fidelity Investments. They should offer you extra low expenses that will help you get ahead in your retirement plan.