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Retirement Plans For Nonprofits In Contra Costa
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State:
Multi-State
County:
Contra Costa
Control #:
US-001HB
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FAQ
A pension plan is an employee benefit plan established or maintained by an employer or by an employee organization (such as a union), or both, that provides retirement income or defers income until termination of covered employment or beyond.
The Contra Costa County Deferred Compensation Plan is a governmental 457(b) plan. It is a retirement savings plan that allows eligible employees to supplement any existing retirement and pension benefits by saving and investing before-tax dollars through a voluntary salary contribution.
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).
403(b) 403(b) plans are similar to 401(k)s in the respect that they are both qualified tax-advantaged retirement vehicles offered by employers. However, 403(b) plans differ in that they are only available to certain government employees (schools and hospitals) and non-profit organizations.
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.
Many people have a misconception that nonprofits don't provide their employees benefits and instead rely on volunteers. This isn't the case for many nonprofits. Nonprofit employers offer benefits to their employees much like any business would.
There are three main types of retirement plan options for non-profits. 401(k) Plan. A 401(k) plan is a retirement plan that can be utilized by non-profits and for-profit organizations. 403(b) Plan. A 403(b) plan is available to non-governmental non-profit entities. NQDC Plan.
Common Types Of Retirement Plans Offered By Employers 401(k) Plan. This is the most common type of employer-sponsored retirement plan. Roth 401(k) Plan. This type of plan offers the same benefits as a traditional Roth IRA with the same employee contribution limits as a traditional 401(k) plan. 403(b) Plan. SIMPLE Plan.
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).