Investments & Financial Planning
In relation to retirement plans, what is a 403(b) plan?
Section 403(b) retirement plans are defined-contribution retirement plans that offer workers a tax deferred investment and savings program. They are similar to 401(k) plans. They are commonly used by non-profit institutions such as hospitals, public school systems and charitable organizations. With a 403(b)retirement plan, money is deducted from your paycheck before taxes and deposited in a custodial account made up of mutual funds, depending on your particular plan. Employers have the option of matching part or all of the contribution.
Need Professional Help?
If you need help with "Investments & Financial Planning" or have other tax questions, we can help you find a local licensed tax preparer for a free, no-obligation consultation.