403(b)

Similar to a 401(k) plan, these plans are offered by nonprofit organizations like schools and colleges to their employees. The 403(b) plans are also known as tax-sheltered annuities. Employees are allowed to annually contribute up to 20% of their salary. Some veteran employees may be able to contribute more to "make up" for the years when they did not contribute with their maximum allowed saving.

 

 

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