A 403b is similar to a 401k but involves non-profit or charitable organizations. Churches, some community colleges, or private colleges are among the examples. There are somewhat different rules on 403b contribution levels. Withdrawals for active pastors also may make deductions for housing allowances deductible.
According to the IRS, a 403(b) Plan is also known as the tax-sheltered annuity plan (TSA Plan). This plan operates as a retirement plan for employees of certain tax-exempt organizations including public schools, nonprofit organizations, and ministers. There are three different account options for the 403(b) Plan, including an annuity contract, a custodial account that is invested in a mutual fund, or as a retirement income amount that may be invested in annuities or mutual funds.
can i close my 403b account
There are many ways to transfer 403B into money market
You can cash out your 403b, but expect tax penalties of up to 30% if you are under the age of 59 1/2.
According to "My Money Blog" the maximum amount for a 403b increases to $16,500 for 2009. http://www.mymoneyblog.com/archives/2009/01/2009-401k-403b-maximum-salary-contribution-limits.html
There are not any special benefits of a 403B retirement plan when compared to the more familiar 401K retirement plan. The only difference is that if your work for the government or are in a civil service type job the retirement plan is called 403B.
17000
no.
17,500
by asking for it! by asking for it! by asking for it!
It is always good to have a retirement plan you need to first decide what you want,this site http://www.nationwide.com/403b-retirement-plans.jsp will tell you about a 403b plan which differs from a 401k plan which is usually offered by your company.
yes
yes