ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Private business
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Giant company
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Nonprofit/government
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Airline
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Detailed explanation-1: -A 403(b) plan (also called a tax-sheltered annuity or TSA plan) is a retirement plan offered by public schools and certain 501(c)(3) tax-exempt organizations. Employees save for retirement by contributing to individual accounts. Employers can also contribute to employees’ accounts.
Detailed explanation-2: -The Employee Retirement Income Security Act (ERISA) covers two types of retirement plans: defined benefit plans and defined contribution plans.
Detailed explanation-3: -Traditional IRA. Roth IRA. SEP IRA. Simple IRA and Simple 401(k)
Detailed explanation-4: -A 403(b) is not an IRA. Both are retirement accounts with similar tax benefits, but they have different contribution limits, and 403(b)s are offered only through employers.