403(b) Plans

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 2011 100% of employee’s total pay up to $49,000 whichever is less
Maximum Annual Employee Deferral 2011 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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