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403(b) Plans and Saving for Retirement

In 1958, the Internal Revenue Service (IRS) created 403(b) plans to encourage employees of certain organizations to begin saving for retirement. In 2001, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) increased the amount employers and participants could contribute and created a Roth option. Thanks to the Pension Protection Act of 2006, these changes will be permanent.

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