What Is A 403B Retirement Plan?

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   David RacichPRO

   Fountain Hills, Arizona

   403(b) plans were also called tax-sheltered annuity back in the day. A 403(b) plan is a tax-advantaged retirement savings plan under Economic Growth and Tax Relief Reconciliation Act of 2001 for public education organizations, some 501(c)(3) organizations), cooperative hospitals, and self-employed ministers. Employee salary deferrals into a 403(b) plan are made pretax and they grow tax-deferred with distributions taxable when withdrawn from the plan.
     

   Answered on June 14, 2013

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