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I thank Steve Schullo for sharing this article. Brief in University of Pennsylvania 403(b) Lawsuit Points Out Differences From 401(k)s An amici curiae brief filed by the American Council on Education and other higher education associations details the history of higher education 403(b) plans. My Take: It’s an interesting argument being made by the American Council on Education: original design of University retirement plans permitted/acknowledged movement of faculty + 403(b) plan just different than 401(k). On one hand, I fear defendants in any K-12/non-ERISA lawsuits could use a similar argument: plan is different; high fees are part of the culture, but other argument would not fly: plan designed for employee movement. I suspect most K-12 teachers stay in place or move among one state. - Dan