Not only are 403(b) retirement plans diversified, but the average cost of offering them decreased slightly from 2009 to 2012.

A study by BrightScope and the Investment Company Institute found mutual funds accounted for 47% of 403(b) plan assets in 2012. Variable annuities held 27% of assets and fixed annuities accounted for 26%. According to the data, the average ERISA 403(b) plan offered 23 core investment options, including 10 equity funds, three bond funds and seven target-date funds.

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