A 403(b) plan is a U.S. tax-advantaged retirement savings plan available for public education organizations, some non-profit employers, cooperative hospital service organizations, and self-employed ministers in the United States. It has tax treatment similar to a 401(k) plan, especially after the Economic Growth and Tax Relief Reconciliation Act of 2001. Employee salary deferrals into a 403(b) plan are made before income tax is paid and allowed to grow tax-deferred until the money is taxed as income when withdrawn from the plan.
Framingham Public Schools allows its employees to contribute to a 403B plan of their choosing. Employees can engage their own financial advisor for assistance or sign up for a plan with any appropriate provider. The current list of 403B providers follows: For
Framingham School Department does not endorse one provider over any other provider. The only requirement for any company to participate in the FPS 403B plan is an Information Sharing Agreement must be on file with our Third Party Administrator. The above companies have complied with that requirement. FPS will add additional companies as requested once the company requested has signed an Information Sharing Agreement.