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A 403(b) plan is a tax-advantaged retirement account that is specifically for public school employees and employees of some charities. Just like with a 401(k), both you and your employer can ...
If a person has taken a 403 (b) plan and their age is less than 59½, then they cannot initiate an early withdrawal unless they can demonstrate a triggering event such as financial hardship, disability, or separation from service.
401 (k) plans A hardship withdrawal allows the owner of a 401 (k) plan or a similar retirement plan — such as a 403 (b) — to withdraw money from the account to meet a dire financial need.
Both 401 (k) and 403 (b) plans may allow for loans, hardship withdrawals and an additional catch-up contribution for employees over age 50.
A 403 (b) can also give employees more flexibility with contributions, loans and hardship distributions. Comparison The following table outlines the basic similarities and differences:
The Employee Retirement Income Security Act of 1974 (ERISA) (Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to ...
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