Government Agencies Involved with 403(b)s

Aside from the U.S. Department of Labor’s Employee Benefits Security Administration, there are other government agencies that have a role in regulating and overseeing 403(b) plans or investment options provided to participants. 

These include: 

• The IRS, which administers the Internal Revenue Code, including provisions related to 403(b) retirement plans. 
• The Securities and Exchange Commission, which administers and enforces federal securities laws and regulations that govern the sales and marketing of variable annuities, mutual funds and certain other investment products in part through Regulation Best Interest. Reg BI which establishes a standard of conduct for brokers or dealers that provide recommendations regarding securities, investment strategies for securities, and other investment products used to fund 403(b) plans. 
• State insurance commissioners, who administer and enforce state regulations regarding fixed, variable and indexed annuities that may be offered in 403(b) plans. They also may be in charge of administering and enforcing individual state laws for 403(b) plans sponsored by (1) a state or (2) a subdivision or instrumentality of the state and that cover employees of public-supported schools.