The term 403 (b) plan refers to a retirement account designed for certain employees of public schools and other tax-exempt organizations. Participants may include teachers, school administrators, teachers, government employees, nurses, doctors and librarians. Yes, but the IRS requires that an employee maximize their 15-year recovery period before making any recovery contribution for people over 50. The second is that if an employer decides to use one of these exclusions, all employees in that category must be excluded.
Therefore, just as important as the aid itself is what the aid doesn't cover, as it serves as an important reminder to plan sponsors of the circumstances in which part-time employees may be excluded from 403 (b) plans.