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Most 403(b) plans need 'modernizing'

Despite improvement in nonprofit retirement plans, financial advisors are needed to close the still yawning gap between 403(b)s and their corporate cousins, 401(k)s.

By Gil Weinreich | Updated on May 22, 2012

An annual benchmarking survey of nonprofit sector retirement plans shows broad improvement, but the survey’s sponsor says financial advisors are needed to close the still yawning gap between 403(b) plans and their corporate cousins, 401(k)s.

Aaron Friedman, national nonprofit practice leader of the Principal Financial Group, which sponsored the Plan Sponsor Council of America survey released week, told AdvisorOne that in areas like investment options, investment policy statements and participant education, advisors have a role in “modernizing” 403(b) plans.

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