It's noteworthy that 403(b) plans were legislated in 1958, predating 401(k)s by 20 years. At that time, annuities were the only allowable investment vehicles for 403(b) participants. The 1958 legislation codified what was a savvy savings practice by a few charitable organizations into a tax law available for all nonprofit employees. (Photo: Shutterstock)
The House Financial Services Committee passed legislation that would allow employees of nonprofit charities and public education institutions in 403(b) plans to have access to the same investment options available to employees of for-profit companies and other employers in 401(k) plans.
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