Case Study

403(b) Compliance Consulting


SBA was retained by a state to bring its public university system into compliance with the first new 403(b) regulations in 40 years. The state’s system consisted of 36 individual universities. Over decades, the system had grown unmanaged and uncontrolled until 78 separate 403(b) investment vendors had become entrenched. Numerous issues existed, including excessive participant investment fees, no investment oversight, no vendor management, no plan documents or policies and an inability to comply with the new government regulations.