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What's a 403(b) plan?

A 403(b) plan is a kind of defined contribution retirement plan. It may be offered to employees of government and tax-exempt groups, such as schools, hospitals and churches.

Employees who are eligible can defer money from their paychecks into their 403(b) accounts, which work the same as way as 401(k) plans. 403(b) plans are also sometimes offered as Roth versions.