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It’s like a 401(k), except for a different type of employee.
A 403(b) plan is a retirement savings plan available to employees of public schools, churches and certain 501(c)(3) nonprofit organizations. Named after the section of the IRS code that governs it ...
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 ...
As a result, many governmental employers have now set up 457 and 401(k) plans for their employees, and nonprofit employers have set up 403(b) and 457 plans, each allowing their employees to invest in both. Some state universities and school districts have access to all three tax-deferred plans. However, the total combined annual contribution to ...
The terrain of Stanton County consists of low rolling hills, sloped toward the east. The Elkhorn River flows easterly through the upper central part of the county. [8] The county has a total area of 431 square miles (1,120 km 2), of which 428 square miles (1,110 km 2) is land and 3.1 square miles (8.0 km 2) (0.7%) is water.
403(b) plans are not subject to nondiscrimination testing: Unlike firms with 401(k)s, those with a 403(b) can avoid annual testing that evaluates whether highly compensated employees are getting ...
403(b) plan limits. 2023. 2024. Change. Maximum salary deferral for workers. $22,500. $23,000 +$500. Catch-up contributions for workers 50 and older. $7,500. $7,500