403(b) plan
A 403(b) is a retirement savings plan for employees of nonprofits, like universities. With a 403(b) retirement plan, you can save money before you pay taxes on it. The earlier you start contributing, the more time your money has to grow. That's called compounding, and it can really help you reach your retirement savings goals. Enroll now.
403(b) vs. 401(k): What is the difference?
403(b) plans are offered by non-profit employers, like universities while 401(k) plans are typically offered by for-profit employers. Both types of plans can be rolled over into other retirement accounts and both have the same contribution rates. If you're interested in learning more before you get started, review the documents provided by your employer. They'll include additional details about your specific retirement plan.