Nonprofits with 403(b) plans are seeing a happy trend: higher participant contributions, as a result, higher average account balances.
That's according to the 2015 403(b) Plan Survey from the Plan Sponsor Council of America (PSCA), which also found something really interesting: a big increase in the number of 403(b) plans offering employer contributions—from 82.7 percent in 2013 to 96.6 percent in 2014.
Participants' average account balances increased from $54,600 in 2013 to $62,513 in 2014, with participants putting in an average of 6 percent of their annual pay.
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