QUESTION 27 Which of the following is designed for employees of tax-exempt employers and does not...
QUESTION 27
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Which of the following is designed for employees of tax-exempt employers and does not allow employer contributions?
a. 403(b) plan.
b. 401(k) plan.
c. 457 plan.
d. SIMPLE IRA.
Homework Answers
(a) 403(b) plan - This is the correct option.
A 403(b) plan is a retirement plan for specific employees of tax exempt organizations. Employer contributions are not allowed in this kind of retirement plan.
(b), (c) and (d) are incorrect because they are not meant for tax exempt organizations, and employer contributions are allowed in them.
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