403(b) Plans

A 403(b) is a tax-favored retirement plan for employees of school systems, nonprofit hospitals, religious organizations and other tax-exempt employers [known as 501(c)(3) organizations].

• Participants can make pretax or Roth contributions and some organizations match these contributions.
• Similar to a 401(k) plan, participant contributions are 100% immediately vested, but matching contributions may be subjected to a vesting schedule.
• 403(b) programs that are subject to ERISA have to file form 5500. Similar to a 401(k), matching contributions may be subject to discrimination testing (does not apply to government or church plans)

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