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chart with 403(b) word on it 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)

(Bloomberg Opinion) –How is it possible that two variations of tax-deferred retirement accounts, born of similar ideals and motivations, have evolved into shockingly different animals?

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