403(b)

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The 403(b) retirement plan

The 403(b) is a tax-deferred retirement plan designed to help you invest regularly for your retirement. It is offered to you through your employer and is available to employees of qualifying hospitals, educational institutions, and many not-for-profit organizations. Your contributions are taken directly from your salary before it is taxed, and each plan offers you a selection of investment options.

There are several benefits to consider when joining a 403(b) plan.

Your retirement- A 403(b) plan is an easy way to invest for your retirement.
You contribute through the convenience of automatic payroll deduction.
Employer Match - Your employer may match all or a portion of your contributions.
Tax-deferred growth potenial - Your money grows on a tax-deferred basis.
Consistent savings- Saving a set amount on a regular basis, such as every payday, can help increase your earnings.
Reduced curent taxable income- Your gross current taxable income will be reduced by the contributions you make.
Qualified withdrawals are taxed as ordinary income and if taken before 59 1/2 may be subject to a 10% federal tax penalty and possible state income taxes.

Once you've committed to regular saving with your 403(b) plan, getting money into your account is easy through payroll deduction.

How do I make contributions?

It's simple. Your contributions are made through payroll deduction. To participate in the 403(b) retirement plan, you first must complete an enrollment form and a Salary Reduction Agreement. The amount you designate as a deduction will be automatically withdrawn from your paycheck and contributed to your 403(b) retirement plan. Be sure to check with your employer or Lincoln representative for your specific plan enrollment requirements.

What investment choices do I have for my 403(b) plan contributions?

There are a variety of investment options available for, and specific to, your 403(b) plan. Contact your employer or Lincoln representative for the list of your choices.

When can I take a withdrawal from my 403(b) account?

Withdrawals are available from your 403(b) plan for specific reasons, such as:

retirement
attainment of age 59½
separation from service with your employer
total and permanent disability
financial hardship

To learn more about the 403(b) plan, please feel free to Contact Us any time!

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