Fidelity Investments reported a 20% increase over the past three years in the number of participants in its tax-exempt workplace savings plans at higher education, healthcare and other not-for-profit institutions.

This increase is partly due to regulatory changes in the not-for-profit industry that have prompted some employers to consolidate providers, Fidelity said. The regulations sought to make 403(b) plans more like corporate 401(k)s by increasing accountability in how employers select and monitor plans. As a result, many higher education and healthcare institution reduced the number of retirement providers offered in their plans.

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