A 403(b) plan is a voluntary retirement plan offered by public schools and other tax exempt organization to their employees to help supplement employee retirement savings.
403(b) plans allow employees to set money aside in a special account and invest it for their retirement.
Contributions are made under a Salary Reduction Agreement (SRA) with your employer. This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. Usually, you do not pay income tax on these contributions until you withdraw them from the account.
To complete a Salary Reduction Agreement, click here