The High Cost of Union Advice
Teachers and other public employees who are union members, may well be lured into buying high-cost investments just because teacher union officials get a kickback for endorsing the products as well as giving the companies complete access to a huge number of workers without advertising. Anne Turgesen and Gretchen Morgenson have the story in the Wall Street Journal online.
The pitch from the president of the Indian River County teachers union couldn’t have been clearer.
Liz Cannon, who heads the Indian River chapter of the Florida Education Association, urged union members to buy retirement investments from Valic Financial Advisors Inc. through a firm owned by the union. That way “we also make money,” she said in a November 2017 newsletter, through regular dividends.