Financial executive Richard (Dick)Shafer serves as executive director of Well and Good LLC in Madison, Wisconsin. "Dick" Shafer collaborates mainly with fiduciaries of retirement plan sponsored by non-profits, to oversee accounts involving retirement plans operating under Code section 403(b).

1. Richard Shafer, Madison

2.  Financial executive Richard (Dick)Shafer serves as
executive director of Well and Good LLC in
Madison, Wisconsin. "Dick" Shafer collaborates
mainly with fiduciaries of retirement plan
sponsored by non-profits, to oversee accounts
involving retirement plans operating under Code
section 403(b).
403(b) plans function much like 401(k) plans.
However, whereas a wide range of businesses may
sponsor a 401(k) plan, only government and tax-
exempt organizations may sponsor a 403(b) plan.
There are some useful advantages to establishing a
plan under Code section 403(b)rather than 401(k).

3.  However, the expectations for fiduciaries are
almost exactly the same, for example: follow a
prudent process, minimize and manage any
conflicts of interest; ensure expense deductions are
reasonable in light of services.
In 2016, individuals under 50 are able to contribute
a maximum of $18,000 to their 403(b) plan, with
individuals over 50 able to contribute an additional
$6,000. Similarly, individuals who have been
employed by the same nonprofit for at least 15
years may contribute an additional $3,000, as long
as they averaged less than $5,000 per year to date.