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About 403(b)

What is a 403(b) plan?

 

A 403(b) plan is a tax-deferred (pre-tax) retirement savings plan made available to employees of governmental and certain non-profit organizations.  Contributions to the plan are invested in mutual funds, bond funds, annuities, or other investment vehicles and grow tax free until withdrawn.

To view the general FBC 403(b) Plan Highlights, click here.

 

Contribution Amounts

 

You are limited to the amount you may contribute to the 403(b) plan each year.  Generally, you may contribute up to $18,000* per year.  However, various 田atch-up options may allow you to contribute more than $18,000*.  If you are over age 50 you may contribute an additional $6,000*.  There is also a catch-up option available to employees with at least 15 years of service with their current employer.  The 15-years of service catch-up could enable you to contribute up to $3,000* additional per year up to a maximum of 5 years.

 

Your employer may also elect to make 403(b) contributions on your behalf.  Your combined employee and employer contributions may not exceed the lesser of $54,000* or 100% of your compensation.

 

Transferring Funds

 

The funds in your 403(b) plan may be transferred to any approved 403(b) vendor that is offered by your employer at any time and for any reason.

 

Withdrawing Funds

 

The following are events that will allow you to withdraw funds from your account and either receive the money directly or rollover the money to a different retirement plan:

         Termination of employment from your current employer

         Retirement

         Attainment of age 59 ス

         Disability

         Death

         Financial hardship

 

However, certain tax penalties may apply when money is withdrawn prior to age 59 ス.  Consult with your advisor for additional details.

 

Direct withdrawals may generally be made in the form of a lump sum distribution or in an annuity payment.

 

Loans may also be taken from your 403(b) plan.  Consult with your advisor for additional details..

 

Interaction with 457(b) Plan

 

To learn more about 457(b) Plans click here.

 

You may contribute to both the 457(b) and 403(b) plans concurrently.  Therefore, if you desire to maximize your tax deferred savings opportunities you may wish to contribute to both plans.  Each plan has separate $18,000* base contribution limitations (which may be higher if you qualify for certain catch-up provisions).

 

Differences between the 403(b) Plan and the 457(b) Plan

 

For detailed information about 457(b) plans click here.

 

403(b)

457(b)

      Withdrawing funds prior to age 59 ス may incur a 10% early withdrawal penalty levied by the IRS.

      No 10% penalty for early withdrawal.

      Attainment of age 59 ス qualifies as a distributable event that permits you to withdraw funds from your account.

      Attainment of age 59 ス does not qualify as a distributable event.

      There are many vendors who offer 403(b) plans within your district.

      The FBC Plan may be the only 457(b) option within your district.

      403(b) plans may permit you to exceed the $18,000* annual contribution limit if you have at least 15 years of service with our current employer.

      No 15 years of service catch-up option.

      No catch-up for entering your final 3 years of services of service prior to retirement.

      457(b) plans may allow you to exceed the $18,000* annual contribution limit if you are entering your final 3 years of employment prior to retirement.

 

*2017 figures

 

 

 

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