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Both 403(b) and 401(k) accounts offer workers the ability to save money for retirement on a tax-advantaged basis: in traditional versions of the plans or Roth versions.
A 403(b) plan is also an employer-sponsored retirement plan but is most often used by nonprofit organizations. It operates similarly to a 401(k), with the same contribution limits and tax treatment.
403(b) Plan. 401(k) Plan. Eligibility. Work for a nonprofit or government entity. Work for any private employer. Contribution Limits. $22,500 per year in 2023, plus an additional $3,000 per year ...
The Employee Retirement Income Security Act (ERISA) does not require 403(b) plans to be technically "qualified" plans (i.e., plans governed by U.S. Tax Code 401(a)), but 403(b) plans have the same general appearance as qualified plans. While the option is available it is not known how prevalent or if any 403(b) plan has been started or amended ...
It’s like a 401(k), except for a different type of employee. A 403(b) is the retirement planning vehicle used by not-for-profit or other tax-exempt employers of nurses, doctors, teachers ...
Planning for retirement can seem daunting, but it’s essential to securing a stable financial future. ... Like a 401(k) plan, a 403(b) plan offers both a traditional and Roth option, each of ...