The average 401(k) balance reached an all-time high of $106,500 in the third quarter, and the average 403(b) balance is nearly double what it was a decade ago, according to Fidelity Investments.
Tag: 403(b) plan
The concept is being reintroduced through the American Savings Act
The guide includes information on rollovers, loans, hardship withdrawals and much more.
This is a pre-approved plan that meets IRS requirements.
403(b) plan sponsors pay just $600 for full service administration and plan document services.
“I work for a denominational church plan sponsor who maintains a 403(b) plan. We have a clergy member who has NOT taken a vow of poverty, but who has another job for which he receives a salary, in addition to being a pastor at one of our churches.
The mutual-fund based program also offers an in-plan retirement income option and access to 3(38) fiduciary services.
Participants allege the company should have allowed a single recordkeeper to service its traditional DC plan and its 403(b) plan—and that it permitted excessive fees by paying for distinct administrative services for each.