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A 403(b) retirement plan is an employer-sponsored plan for employees of public schools and certain 501(c)(3) tax-exempt organizations. Also known as a tax-sheltered annuity plan, a 403(b) is ...
A traditional 403 (b) plan offers several advantages: Pre-tax contributions: Pre-tax contributions reduce your taxable income in the year you contribute. Tax-deferred growth: Your contributions ...
It’s like a 401(k), except for a different type of employee. A 403(b) is the retirement planning vehicle used by not-for-profit or other tax-exempt employers of nurses, doctors, teachers ...
The Employee Retirement Income Security Act (ERISA) does not require 403(b) plans to be technically "qualified" plans (i.e., plans governed by U.S. Tax Code 401(a)), but 403(b) plans have the same general appearance as qualified plans. While the option is available it is not known how prevalent or if any 403(b) plan has been started or amended ...
Types of retirement plans. Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
457 plan. The 457 plan is a type of nonqualified, [1] [2] tax advantaged deferred-compensation retirement plan that is available for governmental and certain nongovernmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre tax or after-tax (Roth) basis.
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