403(b)

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What is a 403(b)?

 

A 403(b) is also called a Tax-Sheltered Annuity or TSA plan. It is a retirement savings plan that is offered to employees belonging to public school institutions, hospitals, churches, non-profits, and other tax-exempt organizations. 

 

What makes a 403(b) unique? 

 

Employees can choose to have their employers send a portion of their salary to their 403(b). These earnings will not be subject to income tax. The funds will only be taxed once they are withdrawn upon retirement. 

Funds in the 403(b) can be invested in annuity contracts through an insurance company and mutual funds. 

 

Who can make contributions to a 403(b)?

 

Contributions are made primarily by the employees. While employers can also contribute to a 403(b) plan, they are not required to do so.

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