Terms of Use:

A 403(b) plan is a retirement savings plan for employees of public schools and certain tax-exempt organizations — as determined by Section 501(c)(3) of the Internal Revenue Code. In a 403(b) program, you have the opportunity to contribute pre-tax dollars, reducing your taxable salary, and both your contributions and earnings grow tax-deferred until they are withdrawn.

Section 501(c)(3) organizations include: Nonprofit organizations that are exempt from income tax under section 501(c)(3) of the Internal Revenue Code include any community chest, fund, or foundation organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary or educational purposes, fostering national or international amateur sports competition, or for the prevention of cruelty to children or animals. These organizations are usually corporations and are exempt from income tax under section 501(a).