Excerpt: After SBJPA, a 501(c)(3) tax-exempt organization can maintain a 401(k) plan, a 403(b) plan, or both. The proposed regulations provide that employees of a 501(c)(3) tax-exempt organization who are eligible to make salary reduction contributions under a 403(b) plan are excludable employees for purposes of testing whether a 401(k) plan or an associated 401(m) plan satisfies the coverage requirements, provided: ...