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Generally, a 403(b) plan is a retirement planning program whereby a public school or tax-exempt 501(c)(3) organization (including churches) makes contributions for their employees (and certain ministers) to specific types of funding arrangements (i.e., annuity contracts, custodial accounts, or retirement income accounts [which are limited to church employees and ministers]). Historically, 403(b) plans utilized annuities as their funding vehicles. Thus, 403(b) plans are often referred to as tax sheltered annuities or TSA plans.
In 2007, the Internal Revenue Service ...
Posted in: Federal Tax