403b/457b Ideal for educators (teachers, administrators, superintendents, etc.), the 403(b) plan is an effective tool to supplement their state’s Teacher Retirement System pension, which by itself will not be adequate for most of them. 403(b) Basics Established in 1958. Full name: 403(b) Tax-Sheltered Annuity (TSA). Purpose: Created specifically for public schools and certain 501(c)(3) tax-exempt organizations to offer their employees. How 403(b) Plans Work Funded with pre-tax contributions. Allows catch-up contributions from participants over 50. Partial access through loans, withdrawals and other options or annuity features Permits penalty-free full withdrawals at age 59½, or for other qualifying events. 403(b) Plan Benefits Tax-deferred growth potential. Complements other retirement plans. Flexible account options to diversify assets. Portable for easy, tax-free rollovers to other plans and IRAs. Available as traditional, Roth, Special Pay and 3121 plans. Our Solutions Are Built For You - National Life