Can anyone explain the difference between a 403(b)1 and 403(b)7, or direct me to a resource with the answer?
Greetings, TyroFool, and welcome. You asked:<<Can anyone explain the difference between a 403(b)1 and 403(b)7, or direct me to a resource with the answer?>>Qualified retirement plans established as 403(b) plans may only invest in annuities and/or mutual funds. Basically, Section 403(b)(1) of the Infernal (sic) Revenue Code refers to a plan which invests in annuities while Section 403(b)(7), IRC refers to one which invests in mutual funds. Generally speaking, though, most 403(b) plans allow participants to invest in both annuities and mutual funds.Regards….Pixy
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