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A 403(b) plan is a type of qualified retirement plan offered to employees of non-profit organizations, educational institutions, civil government and some self-employed ministers. The 403(b) plan is often compared to a 401(k) plan because it shares many of the same characteristics, withdrawals, contribution limits, tax rules and investment choices.

Individual 403(b) accounts are established and maintained by eligible employees. Accounts can be one of the three types: an annuity contract provided through an insurance company; a custodial account provided through a retirement account, investments are limited investment companies, such as mutual funds; a retirement income account, for which investment options are either annuities or mutual funds. The employer may determine the financial institution at which the employees may maintain accounts.


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