Fidelity Investments reported a 20% increase over the past three years in the number of participants in its tax-exempt workplace savings plans at higher education, health care and other not-for-profit institutions.
This increase is partly due to regulatory changes in the not-for-profit industry that have prompted some employers to consolidate providers, Fidelity said in a press release. The regulations sought to make 403(b) plans more like corporate 401(k)s by increasing accountability in how employers select and monitor plans. As a result, many higher education and healthcare institution reduced the number of retirement providers offered in their plans.
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