What Is A 403 B Retirement Savings Plan?

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    David RacichPRO
    Fountain Hills, Arizona
    Religious, charitable, educational, scientific and literacy organizations under IRC Sec. 501(c)(3) and certain government employers and public school systems may elect to establish 403(b) salary deferral plan. Employer obligations require a written plan, ongoing admin responsibility and fiduciary oversight. In 2013, the maximum contribute for employer and employee is $51,000 and an additional $5,500 for those over age 50 under the catch up provision.
     
     
    Answered on June 27, 2013
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    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    This is a program created in the internal revenue code that is available to public educationorganizations, and some non-profit employers.  It is treated similarly to a 401(k) plan for taxes.  For many years they were known as “tax-sheltered annuities” although some other investments are now approved.  These plans can be written by the sponsor to include the benefits of a “Roth” plan. 
    Answered on June 12, 2014
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