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4/15/2004: Annuities in a 403(b) or 457(b)? (Motley Fool)
Excerpt: When the 403(b) was first created in 1958, annuities were the only investment option allowed. In 1974 Congress added paragraph 7 to the plan, creating the 403(b)(7) custodial account and opening the way for investment in mutual funds. However, more than 30 years later, close to 80% of all 403(b) money still sits in annuity investments.
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