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What is a 403(b) plan?

403(b) plans, often referred to as tax-sheltered annuities (TSAs), tax-deferred accounts (TDAs), or tax-sheltered custodial accounts (TSCAs), are 401(k)-like salary deferral plans that allow employees of eligible tax-exempt organizations to contribute up to $10,500 annually for retirement through convenient pretax payroll deductions. Eligible tax-exempt organizations include public schools, colleges, universities, and 501(c)(3) tax-exempt organizations (nonprofits).

Any money that you contribute to a 403(b)(7) always belongs to you.

First established by the IRS in 1958 and named after the section of the code that created them, 403(b) plans were later expanded to allow mutual funds as investment options [403(b)(7) Tax-Sheltered Custodial Accounts]. 403(b)(7) plans are designed to empower the employees of eligible tax-exempt organizations to save for their own retirement through an effective pretax program. They offer participants the opportunity to accumulate retirement savings and direct their savings investment in the fashion that best suits their situation and goals. Salary deferral contributions are always fully vested.

You can actively save for your retirement, even if your employer cannot.

403(b)(7) plans also allow participants to make annual contributions according to their own needs and abilities. Even in years in which their employer's financial abilities might limit contributions to traditional pension plans, participants can continue to make maximum contributions.

The ability to bridge gaps in employer funding of retirement plans, and to switch jobs without sacrificing retirement benefits, make 403(b)(7) plans in important retirement savings tool for employees of schools and non-profit organizations.

Contact us to find out more about the 403(b)(7). Our registered representatives are here to help you identify and achieve your financial goals.


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