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403(b) plan |
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403(b) Plan A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations and certain ministers. Individual accounts in a 403(b) plan can be any of the following types: - An annuity contract, which is provided through an insurance company, - A custodial account, which is invested in mutual funds or - A retirement income account set up for church employees. Generally, retirement income accounts can invest in either annuities or mutual funds. Notes: The features of the 403(b) plan are very similar to the 401(k) plan. Employees may make salary deferral contributions that are usually limited by regulatory caps.
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? Mentioned in | ? References in periodicals archive | |
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Karen's veritable annuities account is valued at $20,000,
and her tax shelter annuity has amassed $7,000 (she rolled over money
from the 403(b) plan that she had during her 19-year stint at the
hospital). Beginning in 2006, employers can offer
employees the option to make after-tax elective contributions under
their 401(k) and 403(b) plans in addition to traditional pre-tax
elective contributions. Provides:
health insurance, shoes, 403(b) plan with match. |
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403(b) plan