Content Overview
- Summary
- Withdrawals For Hardship
- The Definition Of A 403(B) Plan Also Known As A "TSA"
- What Are The Benefits Of A 403B Plan?
- Limitation On The Amount Of Contributions To A TSA
- If You Have Been With The Organization For More Than 15 Years
- How Contributions To The Plan Are Made
- Permitted Investments For Money In A TSA
- Borrowing From A TSA
- If You Become Disabled
- If You Leave Your Employer Before Age 59 1/2
- If You Retire Or Leave Your Employer And You Are Older Than Age 59 1/2
- Forced Withdrawal Of Money From A TSA At Age 70 l/2
- What Happens To The Money In A TSA If I Die?
403(B)/ TSA Plans
If You Have Been With The Organization For More Than 15 Years
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If you have worked for certain types of organizations for more than 15 years, you may be able to elect to use a special "catch-up" rule to increase the amount you can contribute to your plan. Check with your organization to see if you are eligible.
If the rule is elected, the limit on the amount that can be contributed will be increased by the least of:
- $3,000
- $15,000 minus previous catch-up amounts used.
- $5,000 times the number of years of service reduced by the amount of your employer's contributions that were tax-deferred.
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