and Forms

literature and forms

Retirement Accounts

403(b) Custodial Account

A 403(b) plan is a retirement savings plan for public education organizations, non-profit employers, and some religious organizations. There are certain restrictions for opening a 403(b) account, so be sure to consult with your financial advisor. Similar to a 401(k) plan used by for-profit companies, a 403(b) plan allows employees to make contributions to an account tax free and allows the money to grow tax deferred until retirement age.

Eligibility: Employees of an organization that sponsors a 403(b) plan
Investment Minimum: $2,000
Contribution Limit: The IRS has a Maximum Amount Contributable (MAC) calculation that will determine how much you may contribute. Please speak with your employer or consult with the IRS to determine your MAC.
Income Restrictions: None
Tax Considerations: Contributions are pre-tax
Earnings grow tax deferred
Withdrawal Restrictions: For retirement purposes only

10% tax penalty may apply to withdrawals before age 59-1/2
Control of Account: Account holder