BOSTON (TheStreet) -- Federal regulations are shaping how nonprofit organizations manage employee benefit plans for the first time in almost 45 years.

As a result, companies are scrambling to meet the Dec. 31 deadline for compliance. Retirement-management firms have scoped out a new opportunity. MassMutual, for example, recorded a 76% increase in nonprofit-retirement-plan sales in the year through October.

The Internal Revenue Service and Department of Labor are bringing 403(b) retirement plans, which are offered to employees of nonprofit companies, in line with 401(k)'s, which are mostly used by for-profit firms. The government hasn't established a set of guidelines for 403(b)'s since 1964. read more