| 403 (b) Plan
A 403(b) is a pre-tax salary deferral
plan for employees of hospitals, public schools, churches
and other nonprofit organizations.
Key Benefits of a 403 (b) Plan:
- Participants can make pre-tax salary deferral
contributions.
- Permits higher contribution limits than
Traditional IRAs.
- Distributions are not permitted prior to
age 59½ except for death, disability,
financial hardship, or severance of employment.
|
Who Can Establish:
- Employees of Universities
- Employees of Colleges
- Employees of Hospitals
- Employees of Churches
- Employees of Schools
- Employees of Non-profit 501(c)(3) groups.
|
Annual Contributions:
- Who contributes: employee.
- The lesser of 100% of eligible compensation
or $13,000 ($16,000 if age 50 or older) in
2003. Additional catch-up contributions may
be available.
|
403 (b) Candidates:
- Public school systems.
- 501-C3 organizations (non-profits) which
include hospitals, churches, and charity organizations
|
Contact a UVEST Investment
Consultant to go over your options for retirement.
|
