Business and Personal Finance Dictionary

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• 403(B)
  
  This type of employer-sponsored retirement savings plan is designed for employees of not-for-profit organizations, such as colleges, hospitals, foundations, and cultural institutions.Contributions are tax-deductible, earnings are tax-deferred, and annual contribution limits are similar to those for 401(k) plans, though some of the regulations governing contributions are more complex. In some organizations, 403(b) plans may be set up as a supplement to-rather than a replacement for-defined benefit pensions.
  
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