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403b vs. 401k plans.....what's the difference? HELP


Guest judynyc61
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Guest judynyc61

HELP!!!!! I just started work as the HR Manager of a museum that has a 401k plan (they piggybacked onto the parent companies plan). We have to get out of that plan by 12/31 and I need to decide which is better, a 401k or a 403b. I always thought 403b's were for non profits, 401k's for profits. Heck, I didn't even think non-profits could have 401k's. So, I need to know what the differences are, what the employer contributions can be like for both, and basically what do I present to my board. HELP!!!!!! I need to pick brains here! :huh:

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Carol Calhoun's website has this article:

http://benefitsattorney.com/modules.php?na...=showpage&pid=1

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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