9.6.2 403(b) Plans
403(b) plans are similar to 401(k) plans except for the fact that they are designated for nonprofit organizations, such as any of the following.
- Charitable organizations
- Educational organizations
- Religious organizations
- Public school teacher organizations
- Other 501(c)(3) organizations
The maximum salary reduction is the same as for the 401(k) plan - $16,500 in 2009 and $22,000 for those age 50 and older.
*Note: Up to $15,500 ($20,500 for those age 50 and older) in 2008.
