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

[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!

[david rigby]

Carol Calhoun's website has this article:

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