403(b) Plans

Overview

403(b) Plans

Employees of public schools, churches, hospitals and other non-profit organizations can invest for retirement through what’s known as a 403(b) tax-deferred retirement plan.

Not unlike 401(k) plans, 403(b) plans are qualified tax-advantaged retirement vehicles where participant contributions are made through payroll deductions and allocated to an account established for the participant. And, the plan sponsor can contribute a matching amount to encourage employees to take advantage of the benefit. Sponsors also have the option to allow a Roth provision so employees can grow their wealth tax free.

Why Choose FuturePlan?

FuturePlan offers high-touch personalized service from local TPAs backed by the strength and security of a large national firm.

Breadth of experience

FuturePlan experts have been designing and implementing 403(b) plans for over 30 years.

Guidance on Advanced Plan design

Plan design can be complex and requires an experienced professional to meet a company’s goal for establishing a retirement plan. FuturePlan will assess demographics, employee eligibility, vesting schedules, contribution types, nondiscrimination testing, and many other aspects.

Industry knowledge

FuturePlan has some of the most credentialed and knowledgeable retirement plan practitioners in the world and is supported by a deep bench of more than 460 experts, 45 actuaries, and one of the industry’s largest in-house ERISA teams.

Service Standards

Detailed service standards are maintained and monitored on a daily basis to evaluate turn-around times and ensure satisfaction.

Ideal Candidates

The 403(b) retirement plan is appropriate only for employees of:

  • Public schools
  • Churches
  • Hospitals
  • 501(c)(3)/tax-exempt organizations
  • Some government employers

Plan Advantages

Multiple Funding Sources

403(b) plans can be funded through money paid as salary, employer matching contributions, and employer non-elective contributions.

Retirement Readiness

These plans help valued employees build retirement security.

Flexibility

Staff may choose the amount they want to save, subject to applicable IRS limits, and may change the amount contributed as their needs change and shift.

Broad Investment Choices

403(b) plans can offer a wide range of investment choices to help meet personal financial goals

Recruiting

All organizations need top talent. A retirement plan helps recruit and retain quality employees.

Ease of Participation

Employees may save through convenient and automatic payroll deduction.

Tax Advantages

Employees can reduce their taxable income and defer taxes on the amounts saved and its earnings until the participant receives benefits from the retirement plan.