Lesson 11 The 403(b) Plan—Not-For-Profit Enterprises
Special plans for employees of non-profit institutions are called 403(b) plans. They are a close relative of the better-known 401(k) plan, but with a few interesting twists. These plans are available to public schools, hospitals, public and private universities, churches, and other non-profit organizations qualified under 501(c)(3). Employer-sponsored 403(b) plans are funded with both employer contributions and employee salary tax-deductible contributions. Employer contribution plans (other than those maintained by governmental agencies) must meet the requirements of the Employee Retirement Income Security Act of 1974 (ERISA).
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