A 403b retirement plan is for employees of public schools, ministers and tax-exempt organizations. Eligible employees can set up and maintain an individual 403(b) plan. There are three basic types of 403(b) retirement plans, and employers determine which financial institution maintains the plan.
Before you decide to set up one of these plans, you'll want to learn some information about them using 403(b) plans education and training. Consider is 403b information as part of your education:
1. Find basic information about 403b retirement plans.
2. Find out about types of 403b retirement plans.
3. Find out what kinds of contributions you can make to your 403(b) plan.
Learn basic information about 403b retirement plansBefore you choose and enroll in a 403b retirement plan, you'll want to find educational information explaining what they are, how they work and how they benefit you. And after you sign up for a 403b plan, you'll want to keep updated on information about your plan and 403b plans in general.
Learn about the different types of 403b retirement plansYou can continue your education and training by understanding the three basic types of 403b retirement plans: an annuity contract provided through an insurance company; a mutual fund, or custodial account, with limited investment companies; and retirement income accounts, which allow you to choose investments from either annuities or mutual funds.
The U.S. Securities and Exchange Commission website provides definitions of different 403b plans, questions to ask yourself when choosing the type to choose from and contacts that can provide you with more information.
Learn about the different contributions for your 403(b) plansThere are different types of contributions that you can add to 403(b) plans. An important part of your training is education about what types of contributions are available and how you can make them.
- You can also research information on a 403(b) insurance plan.