TSA - 403(b)

A 403(b) plan is a retirement savings plan that is similar to a 401(k) plan, but only available to employees of tax-exempt organizations such as charities or schools.

  • Like a 401(k), employees make contributions to their 403(b) plan on a pre-tax basis, and the employer may also make contributions.
  • 403(b) plan investments are generally limited to mutual funds or annuities.
  • Also, like a 401(k), if an employee leaves the organization he or she can roll the vested balance of their 403(b) plan into another eligible retirement plan or IRA.
  • Some 403(b) plans allow contributions to designated Roth accounts in the plan. These Roth contributions are after you have paid the taxes, but qualified distributions are tax-free for life.
  • Funds in a designated Roth account in a 403(b) can be rolled over to Roth IRAs or to another employer’s designated Roth account, if the plan will accept the rollover. Funds in a Roth IRA may not be rolled over to a designated Roth account in an employer’s plan.

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