403(b) Plans
A tax-sheltered retirement plan for schools, churches and other not-for-profit organizations

The 403(b) retirement plan is ideal for public schools, churches and certain not -for-profit entities that qualify as 501(c)(3) organizations.

Also known as a tax-sheltered annuity, 403(b) Plans let employees defer pre-tax earnings up to $10,500 in salary (or 20%, whichever is less) per year toward retirement, thus reducing taxable income.

Administration of 403(b) Plans is easy; an IRS Form 5500 is not required.

Employer contributions are not allowed in 403(b) Plans. However, employers may establish a SEP or Profit-Sharing Plan in conjunction with the 403(b) Plan.

For more information, contact an Extraco Relationship Manager by e-mail, or call 866-EXTRACO toll-free.

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