Not-for-profit 403(b) retirement plans continue to grow and adapt to new regulations and a volatile economy, according to a new study by the Plan Sponsor Council of America. Many have taken to emulating their private sector counterparts in the 401(k) market, adhering to guidelines set forth in the Employee Retirement Income Security Act (ERISA).
As part of "403(b) Plan Response to Current Conditions," PSCA surveyed 579 not-for-profit organizations that sponsor 403(b) retirement plans to determine how they are responding to economic and regulatory changes taking place in the market.
The survey, which was sponsored by The Principal Financial Group, found that the number of ERISA-compliant plans has grown dramatically and the number of non-ERISA plans has shrunk.
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