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Both 403 (b) and 401 (k) accounts offer workers the ability to save money for retirement on a tax-advantaged basis: in traditional versions of the plans or Roth versions.
Also known as a tax-sheltered annuity plan, a 403 (b) is similar to a 401 (k) in that it allows employees to save for retirement by contributing pre-tax income to their individual accounts.
Like a 401 (k), 403 (b) plans can be funded with pre-tax or after-tax dollars. Pre-tax contributions grow tax-deferred until you withdraw them at retirement, at which point they are taxed as ...
In the United States, a 403 (b) plan is a U.S. tax -advantaged retirement savings plan available for public education organizations, some non-profit employers (only Internal Revenue Code 501 (c) (3) organizations), cooperative hospital service organizations, and self-employed ministers in the United States. [1] It has tax treatment similar to a 401 (k) plan, especially after the Economic ...
Governmental employers in the United States (that is, federal, state, county, and city governments) are currently barred from offering 401(k) retirement plans unless the retirement plan was established before May 1986. Governmental organizations may set up a section 457(b) retirement plan instead.
These employer-sponsored retirement plans are very similar to 401 (k)s – in fact, the two types of accounts are almost identical. With a 403 (b), you can automatically contribute pre-tax money ...
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