What is 403(b)?

[deucerp]

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My residency programs offers this and I don't really know what it is? Thanks

 

[MsJLewis]

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My residency programs offers this and I don't really know what it is? Thanks

It is like a 401k (retirement savings account) except that a 403b can only be obtained by non-profit organizations. I work for a health foundation and this is what they offer us. I forget but I think there are special tax bonuses to having a 403b.