In 2007, the IRS issued regulations that effectively made 403(b) plans more similar to 401(k) plans. The regulations had a dramatic impact on 403(b) plans, resulting in (1) greater focus on fiduciary oversight, (2) improved investment lineups, and (3) consolidated administrative platforms (i.e. recordkeepers/vendors). Despite these changes, in many ways the 403(b) market continues to differ meaningfully from the 401(k) market. The balance of this paper highlights the “then” and “now” with respect to these three main areas, and offers Rocaton’s key takeaways for 403(b) plan sponsors to consider going forward.