403(b) Retirement Plans for Non-Profit Organizations.
A 403(b), commonly referred to as a Tax deferred annuity or Tax sheltered annuity, is a retirement savings plan offered to employees of certain public education organizations, non-profit employers and cooperative hospital service organizations as well as self-employed ministers or clergy.
Organizations offer 403(b) tax-deferred retirement plans to eligible employees to allow for long term investment growth, similar to a 401(k) plan.
- The employees can make contributions
- The employer can make contributions on behalf of the employees
- Employee can make contributions and the employer can make a matching contribution