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403(b) and 457(b) Plans offer schools, churches, non-profits and local governments a convenient way to provide tax-deferred retirement savings for employees.
Employer: Plan document outlines if employer contributions are allowed
Employee: Pre-tax or Roth (if plan permits) up to $19,500*
Employees age 50+: Additional $6,500* catch-up contributions (if plan permits)
Employee Additional Catch-Up: May be available based on the plan document
* Limits listed are for 2020. The IRS sets limits annually.
Participant Fees: Waived if participant's investments total $10,000 or more; $15 annual custodial fee per fund for less than $10,000
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Call us to establish a 403(b) or 457(b) Plan.
1 Contributions may only be based on the first $285,000 compensation, as adjusted. The overall limit on annual contributions is $57,000 (403(b) only) or 100% of gross compensation, whichever is less. Additional catch-up contributions may also be available as outlined in the plan document. Limits listed are for 2020. The IRS sets limits annually.
2 Additional Plan Administrator responsibilities apply.
IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.
This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.
This information is for educational purposes only and is not intended as a personalized recommendation or fiduciary advice. There are different options available for your retirement plan investments. You should consider all options before making a decision. Our representatives can help you evaluate all of your distribution options.
Diversification does not assure a profit nor does it protect against loss of principal.
IRA investment earnings are not taxed. Depending on the type of IRA and certain other factors, these earnings, as well as the original contributions, may be taxed at your ordinary income tax rate upon withdrawal. A 10% penalty may be imposed for early withdrawal before age 59½.
Please consult your tax advisor for more detailed information regarding the Roth IRA or for advice regarding your individual situation.
Taxes are deferred until withdrawal if the requirements are met. A 10% penalty may be imposed for withdrawal prior to reaching age 59½.