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403(b) Plans 403(b) plans are known as tax sheltered annuities (TSAs). This type of plan is only available to the employees of tax-exempt charitable organizations or governmental organizations. Like 401(k) plans, TSAs can accept pre-tax contributions from employees as well as employer matching and discretionary funds. The annual individual savings deferral is limited by law to $16,500 for 2009. For individuals age 50 and older an additional catch-up contribution of $5,500 is allowed in 2009. Beginning with the 2009 Plan Year, 403(b) plans are required to have a Plan Document and Summary Plan Description. Also, beginning with the 2009 Plan Year, ERISA 403(b) plans are required to file a Department of Labor Form 5500 annually. |
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