Types
Of Plans
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THE 403(b)
ONLY FOR THE 501(C)(3)
A 403(b) tax sheltered annuity plan is strictly available to public schools, colleges and universities, churches, public hospitals and certain tax-exempt charitable organizations. Put more simply, this Plan is not available to for-profit entities.
Similar to the 401(k), the 403(b) Plan allows your employees to contribute a portion of their gross wages into a tax-deferred retirement savings account. And likewise, the contributions are invested at the employee’s discretion and their investments grow tax-free.
Implementing a 403(b) retirement plan does not leave you isolated from other options either. You can choose to establish a profit sharing plan in conjunction, and you may also add a 403(b) Roth deferral option.
To set up a 403(b) plan, you may purchase a pre-approved plan, or have one custom designed.