What is a 403(b) Plan?
This is a retirement plan customized for public school employees, clergy, and employees of tax-exempt organizations. It offers all of the same tax benefits as a standard retirement plan (e.g. 401(k)), but is unique in that it does not have to adhere to the same ERISA requirements.
How does a 403(b) plan benefit employers?
A 403(b) plan benefits employers by offering employees a solid platform for retirement saving. This helps the employer attract top talent, as well as retain existing employees. The 403(b) can be especially attractive to employers as it does not necessarily have to adhere to all ERISA regulations regarding retirement plans. (This occurs when there are no employer contributions.) This saves time and money in the day to day administration of the plan. Additionally, the investing aspects of the plan itself can be given over to a third party vendor, thereby further reducing employer involvement. Not-for-profit employers can now offer an attractive retirement plan without having to worry about administrative time or hassle.
What are the advantages of a Broad Financial 403(b) plan?
Setting up any retirement plan can be a tricky business, but that’s especially true for a niche plan like the 403(b). Broad makes the process totally easy by providing complete turnkey service and making sure that your plan is up and running with minimal effort on your part. With the comprehensive Broad platform, your 403(b) plan will be provided with:
- A customized written plan document
- A trust fund for the plan’s assets
- Educational materials for eligible employees
- Complete client support that’s always available for any questions that may arise
Speak to a Specialist at Broad today and find out how quickly you can set up your company’s new 403(b) plan.