Retirement Plan Services through your Employer

The 403(b) is a tax-deferred retirement plan designed to help you invest regularly for your retirement. It is offered to you through your employer and is available to employees of qualifying hospitals, educational institutions and many not-for-profit organizations. Your contributions are taken directly from your salary before it is taxed, and they can be distributed among a selection of investment options. Your employer may offer this to you as a voluntary employee contribution plan or they may match a portion of your contribution. Any withdrawals taken prior to age 59½ may also be subject to a 10% federal tax penalty.

The 457(b) is a tax-deferred retirement plan designed to help you invest regularly for your retirement. It is offered to you through your employer and is available only to state or local employees and certain employees of many tax-exempt organizations. Your contributions are taken directly from your salary before it is taxed, and they can be distributed among a selection of investment options. Money saved in a 457(b) plan is designed for retirement, but unlike 401(k) and 403(b) plans, you can take a withdrawal from the 457(b) if you have left your job without penalty before you are 59 and a half years old.

The 401(a) plan is an employer-sponsored money-purchase retirement plan that allows dollar or percentage-based contributions from the employer, the employee, or both, and they can be distributed among a selection of investment options. The sponsoring employer establishes eligibility and the vesting schedule. Any withdrawals taken prior to age 59½ may also be subject to a 10% federal tax penalty.