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Benefits Beginner: Introduction to 403(b) Plans

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1.
A 403(b) rollover is the moving of your 403(b) plan from its current custodian (holder) to the government.
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False. It is the moving of your 403(b) plan from its current custodian (holder) to another custodian.
2.
How are contributions to 403(b) plans made?
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Reductions in salary. Employees sign agreements to let their employers take certain amounts from their wages and put them into the plans.
3.
Your employer may match the contributions you make to a Roth 403(b) plan.
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True. Your employer may; however, the matches will be pre-tax.
4.
Employees who work for for-profit organizations are allowed to participate in 403(b) plans.
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False. The Internal Revenue Code limits participation to those who work in the non-profit sector.
5.
The alternative to a periodic 403(b) plan payout is a lump-sum distribution.
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True. You may take your proceeds little by little or all at once.