403(b) plans are only available for employees of certain non-profit and/or tax-exempt organizations such as 501(c)(3) corporations, including colleges, universities, schools, hospitals, etc. If you are an employee of one of these organizations, a 403(b) can be one of your best tools for creating a secure retirement. It provides you with two important advantages. First, all contributions and earnings to your 403(b) are tax-deferred. You only pay taxes on contributions and earnings when the money is withdrawn. Second, many employers provide matching contributions to your 403(b) account that can range from 0 % to 100 % of your contributions. The combined result is a retirement savings plan you cannot afford to pass up.