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New York Teacher's Union Settles Over Endorsement Issue

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At a glance:

A New York State teachers' union has settled with the NY Attorney General over claims it encouraged its members to invest in annuities that had high fees, and received payment from the insurance company ING for doing so. 
 
The union will pay costs of the investigation, disclose its endorsement deals, hire independent advisors for its members to help them choose appropriate investments and allow those who purchased the high fee annuities to roll them over at no cost. 
 
Other unions are now examining their procedures and deals with investment companies.

New York Teachers Union Settles Retirement Probe

Los Angeles Times - 6/14/2006 3:01 AM

New York's largest teachers union agreed Tuesday to change the way it markets individual retirement plans to its members, ending what authorities called a "silent partnership" with insurer ING Group that saddled teachers with high-cost investments that provided scant benefits.
 
New York State United Teachers received $3 million a year for endorsing ING annuities but tried to conceal the arrangement from its members, according to the New York attorney general's office. The annuities carried fees and expenses of as much as 2.85% a year, or about three times the cost of many popular mutual fund investments
 
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