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Mutual of America Financial Group is the trade name used by Mutual of America Life Insurance Company (Mutual of America), a provider of retirement services and investments to employers, employees and individuals. Founded in 1945, the company provides products and services to help its customers build and preserve assets.
A 403 (b) plan is a retirement savings plan available to employees of public schools, churches and certain 501 (c) (3) nonprofit organizations. Named after the section of the IRS code that governs ...
Choosing Investments for Your 403 (b) Investment choices are more limited with a 403 (b) than with a 401 (k), usually including only mutual funds and perhaps annuities, as mandated by the IRS.
Employee salary deferrals into a 403 (b) plan are made before income tax is paid and allowed to grow tax-deferred until the money is taxed as income when withdrawn from the plan. 403 (b) plans are also referred to as a tax-sheltered annuity ( TSA) although since 1974 they no longer are restricted to an annuity form and participants can also ...
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.
A 403 (b) plan allows you to save on a tax-advantaged basis, deferring taxes on your income and any investment earnings or enjoying a tax-free benefit, depending on which plan you select.
In such plans, the participant is responsible for selecting the types of investments toward which the funds in the retirement plan are allocated. This may range from choosing one of a small number of pre-determined mutual funds to selecting individual stocks or other investments (such as bonds).
Second, 403 (b) plans can only offer annuities and mutual funds while a 401 (k) can offer a much wider range of investment options.
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