|
Business Retirement Plans |
|
403 (b) Plan |
|
Employer Characteristics |
Organizations qualified under Internal Revenue Code Section
501(c)(3), such as schools & nonprofit organizations |
|
Who Must Be Covered |
After the first employee is allowed to participate, all other
employees who want to contribute at least $200 per year must be
allowed to participate, regardless of years of service |
| Maximum Allocation 2010 |
100% of employees total pay or $49,000 whichever is
less
|
|
Maximum Annual Employee Deferral 2009 |
Up
to $10,500; catch-up contributions of $5,500 if 50 years of age or
older |
|
Required Employer Contributions
|
None |
|
Vesting |
Vesting
schedules are available |
|
Top-Heavy Testing
Required |
No |
|
Who Controls Distributions |
Employer, through the plan terms |
| Advantage of this
type of plan |
-More flexibility with contribution amounts due to increase in
deferral limit
-Employee deferral of current taxes |
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