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tax sheltered annuity

Tax sheltered annuities are relatively unknown by the majority of people due to the fact that there are certain prerequisites that must be met before an employer can qualify.

Who is eligible for a tax sheltered annuity?

Public schools / colleges / universities
Churches
Charitable entities tax-exempt under section 501(c)(3) of the IRS code

A 403(b) tax sheltered annuity can be viewed as somewhat similar to a 401k retirement package in that recipients are able to set aside some of their salary. The benefit of being able to do this is that the money that is set aside in the 403(b) account goes generally untaxed until it is distributed.

What are the benefits associated with a 403(b)?

Highly flexible levels of contribution
This is the only "salary deferral" plan for public school employees

Although a 403(b) offers fewer investment options than the more standard 401k plans, it provides other benefits making into a worthwhile financial investment for those who are eligible. For more information, check out the IRS website at www.IRS.gov.

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