For nonprofits and public education organizations, 403(b) plans are a solid retirement option. And thanks to recent regulations, 403(b)s are structured more like 401(k)s than ever. But a byproduct of new regulations and growing plan popularity is confusion; 403(b)s are complex and the markets are volatile.
Recently, the Principal Financial Group and the Profit Sharing/401(k) Council of America (PSCA) released a new study indicating that 403(b) plan sponsors are coping well with the changing regulations and evolving markets. BenefitsPro spoke with Aaron Friedman, the national practice leader for nonprofit with the Principal Financial Group, about some of the key issues surrounding 403(b) plans. Friedman has been in the retirement plan business for 25 years.
BenefitsPro: There have been a lot of regulatory changes lately in regards to 403(b) plans. Can you outline these changes briefly?
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