Retirement Plans For Nonprofits In Georgia
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FAQ
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.
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.
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).
The State of Georgia provides a comprehensive retirement plan to all full-time benefits eligible employees through the Employee Retirees System (ERS). Retirement plan participation is mandatory for all eligible employee.
If a nonprofit is incorporated in a state but has never been recognized by the IRS as “tax-exempt,” then it does not have an obligation to file an IRS Form 990.
You are required to file a copy of the federal form 990, 990EZ or 990PF with the Georgia Department of Revenue. We do not have a form equivalent to the IRS informational returns 990, 990EZ or 990PF so no Georgia form is required.
The 990, 990EZ or 990PF should be mailed to Georgia Department of Revenue, P.O. Box 740395, Atlanta GA 30374-0395.
The list of states requiring Form 990 (or information from the return) for the specific purpose of charitable solicitation registration and reporting is as follows: Alabama. Alaska Arkansas. California. Colorado Connecticut. Florida. Georgia.
403(b) Overview. 403(b)'s, also known as Tax-Sheltered Annuity (TSA) plans, are exclusively available to certain tax-exempt organizations (e.g., 501(c)(3)'s, schools, etc.) while 401(k)s can be used by any employer (private companies or nonprofits).