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A 403(b) plan is similar to the concept of a 401(k) plan except it is offered to employees of non profit organizations. Generally, employees of the following types of organizations are allowed to have 403(b) plans:
- Public schools, colleges and universities
- Public hospitals
- Churches
- Not for profit organizations or 501 (c) (3) organizations
As is the case with 401(k) plans, a 403(b) plan allows employees to defer a portion of their salary into a tax deferred retirement account. |
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