Chris Nicholls
Nonprofit organizations, such as hospitals, public schools and universities, are expanding eligibility to participate in their 403(b) plans, adding automatic enrollment (now mandatory in 2025), and adopting optional provisions of SECURE 2.0 to provide further flexibility to participants, according to the Plan Sponsor Council of America’s (PSCA's) 2024 403(b) Plan Survey.
“The addition of auto enrollment in employer plans is perhaps the most significant driver in the increase of participation among nonprofit employees,” said Chris Conway, executive vice president and chief revenue officer at Mutual of America Financial Group. “It’s encouraging to see that more than a third of 403(b) plans offered auto enrollment in 2023, compared to just 19% 10 years ago.
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