403(b) Plan Tax-Deferred Retirement | Lord Abbett

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403(b) Plan

A 403(b) account is a tax-deferred retirement savings plan available to certain non-profit organizations and public and private schools that allow their employees to save on a pretax and/or Roth basis.

What is a 403(b) plan?

A 403(b) plan is a retirement savings plan that allows employees of certain non-profit and 501(c)(3) tax-exempt, public and private schools, and religious organizations to save for retirement on a tax-advantaged basis.

How much can I contribute to a 403(b) plan?

In 2017, an individual may contribute up to $18,000 in a 403(b) plus a catch-up contribution of $6,000 for those individuals age 50 and older. In addition, certain long-tenured employees are eligible to make an additional contribution. Known as the “15-year rule,” employees with 15 years of service with their current employer are eligible to make an additional $3,000 contribution, up to a lifetime maximum of $15,000.

How does a 403(b) work?

Employer: Establishes a 403(b) plan through a written plan document.

Employee: Eligible employee completes a Lord Abbett 403(b) application indicating the amount and method (pretax or Roth) of saving through salary deferrals.

How does a 403(b) plan benefit an employer and their employees?

  • Contributions and earnings are tax-deferred until withdrawn.
  • Roth aftertax contributions are permitted.
  • Employer contributions are permitted.
  • Loans are permitted.
  • Eligible employees can contribute the maximum allowable amount to a 403(b) and 457(b)1 plan.

 

For more information, please contact our 403(b) sales desk at 888-522-2388 ext. 2942.

 

RELATED RESOURCES


  403(b) Brochure
  403(b) Application
  403(b) Transfer Form
  403(b) Custodial Agreement
  Retirement Plan Limits

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