The 403(b) retirement plans used by many nonprofits have been in the news lately for reasons likely to give plan sponsors headaches: the potential impact of fiduciary policy changes, bad press, and litigation.
Nonprofits that provide 403(b) plans often underestimate the level of oversight required to meet fiduciary standards under the Employee Retirement Income and Security Act (ERISA) should see these developments as a wake up call.
Such plans – popular among educational institutions, nonprofits, and hospitals, among others – held about $900 billion in collective assets at the end of 2015.
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