What type of organization or person is eligible for a 403b account?

Accounting Dec 17, 2020

Expert Solution

A 403b account is available to certain ministers, tax-exempt organizations, and some public school employees.

The advantage of these plans is that they allow for employers to match contributions to a plan without affecting the maximum tax-free contribution to build up a larger nest egg. 403b accounts also offer many advantages on taxes on income earned during the investment phases that translate to larger retirement pools as earnings and returns are tax-deferred.

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