403(b) Plan
Definition
A tax-sheltered annuity retirement plan for employees of public schools, churches and other non-profit organizations. Contributions come out of each paycheck before federal income tax and grow tax-deferred; withdrawals are taxed as ordinary income. John C. Gilbert, MBA, of In-Line Insurance & Annuities in Houston specializes in 403(b) plans for educators, school districts, churches, museums, pastors and non-profits.
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