The Treasury Department has issued regulations to make the 403(b) savings plan — the retirement plan used by many nonprofit employees — more similar to the 401(k) retirement savings plan, reports The Wall Street Journal.

Plan participants are now supposed to receive clearer explanations from employers, and the plans may one day include cheaper investment options with the potential for higher returns.

The 403(b) plans, which were created in the 1950s, did not require much administrative oversight by employers. The new rules are expected to place a new administrative responsibility on nonprofit employers.

For more details about what is stake, read this Philanthropy Careers article.

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