EMPLOYER-SPONSORED §403(b) PROGRAMS

Available to public schools, hospitals, 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 reduction contributions. Employer contributory plans (other than those maintained by governmental agencies) must meet the requirements of the Employee Retirement Income Security Act of 1974 (ERISA).

§403(b) accounts can provide your employees with immediate tax savings. Participants make contributions pre-tax, thus reducing their taxable income, and their accounts grow on a tax-deferred basis.

Not only are §403(b) plans a great tool for helping employees plan for their retirement, they are also a terrific benefit that employers can offer to help retain loyal employees and reward them for the service they provide. In addition to employee deferrals, non-elective and/or matching employer can greatly assist you in this endeavor and enhance employees’ retirements. The investment options available in a §403(b) account are fixed annuities, variable annuities and mutual funds.