403(b) plans have been a benefits staple of nonprofit organizations for many years. Up until 2009, the Internal Revenue Service and Department of Labor paid these plans very little attention; regulatory guidance was sparse and reporting requirements minimal. This all changed when ERISA-covered plans were required to look and feel much more like their qualified plan counterpart, the 401(k) plan. To that end, both the IRS and DOL have undertaken various outreach activities aimed at keeping 403(b) plans compliant and protecting plan participants.
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