Retirement Plans For Nonprofits In Fulton
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A 403(b) plan is available to non-governmental non-profit entities. This plan type is exempt from certain compliance testing and has fewer investment options than a 401(k).
Fulton Bank offers a variety of IRA plans to meet your individual needs. All of our IRAs feature competitive interest rates and some allow you to choose your own term.
Nonprofits have a wide array of retirement plan options to support their employees' financial futures, from 403(b) and 457(b) plans to SEP IRAs and SIMPLE IRAs. These plans offer various benefits, from pre-tax savings and employer contributions to simplified administration tailored for smaller organizations.
What's more, there are many retirement programs that provide tax benefits to both employers and employees. Payroll Deduction IRA. Salary Reduction Simplified Employee Pension (SARSEP) ... Simplified Employee Pension (SEP) ... SIMPLE IRA Plan. 401(k) Plan. SIMPLE 401(k) Plan. 403(b) Tax-Sheltered Annuity Plan. Profit-Sharing Plan.
401(k) plans and 403(b) plans offer very similar benefits. As such, one isn't really better than the other. The main difference is that each plan is offered to employees of different types of companies. Another key difference between the plans is that 403(b) plans also offer a $15,000 catch-up.
Though 401(k)s are primarily offered by larger for-profit companies, many nonprofit entities also offer 401(k) plans to their employees. In fact, many nonprofit organizations may choose to offer both a 401(k) and a 403(b).