Nonprofit Retirement Plans to Mirror 401(k)s With New SECURE Law

The accounts millions of nonprofit workers and teachers use to save for retirement should begin looking a lot more like private-sector 401(k) plans under a recently passed law, a development welcomed by plan advisers looking to tap new markets in 2023.

Congress included 403(b) retirement plans reserved for tax-exempt organizations in many of the retirement access and boosted savings measures it passed last month as part of a sweeping, $1.7 trillion omnibus spending bill. Pooled retirement accounts once reserved for the much larger share of 401(k)s were OK’d for 403(b)s, and lawmakers put in place similar regulatory controls to find ...