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>>What are the major/important differences between 401k and 403b plans? (i know that 403b is for non-profit organizations but are there any other differences?)<<

>>>The short, not completely accurate but good enough for index fund investing people, answer is...not much.<<<

And if the President's proposal in the 05 budget goes through, the completely accurate answer will be: Nothing. In addition to the LSAs and RSAs proposed, their is a proposal to turn all employee sponsered plans into "Employer Retirement Savings Accounts", or ERSAs (based of the 401k, but supposedly less restrive). From the press release:
"...The proposal would consolidate 401(k), SIMPLE 401(k), 403(b), and 457 employer-based defined contribution accounts into a single type of plan more easily established by any employer..."

The entire press release covering LSAs, RSAs, ERSAs and IDAs is located here:

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