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403(b) Plan

Choosing the right way to save for you

RPB offers what is known in the financial world as a 403(b)(9) plan, also called a church plan. That means we provide a defined-contribution retirement plan (like a 401k) to employees of religious institutions—namely qualified Reform Movement synagogues and other organizations. Our plan also includes benefits—the Rabbi Trust and parsonage tax exclusion in retirement.

When you first enroll, you’ll need to make some initial decisions regarding:

  • Contributions: Do you want contributions from your paycheck to be made with pre-tax or post-tax dollars? And how much should you contribute?
  • Beneficiaries: Who do you want to inherit your RPB account when you pass away?
  • Investments: Which of the funds that RPB offers do you want to put your retirement savings into—and how much into each?
  • Rollovers: Do you have existing retirement accounts that you want to consolidate into your RPB account?

Detailed information for all of these decisions can be found on the links above and throughout this website.

Once you’ve enrolled and have made these decisions, we recommend revisiting your contribution rate, investment allocation, and beneficiary designations at least once a year, or whenever something major changes in your life—like getting married, having a child, or experiencing a death in your family.

And don’t forget that your 403(b) account is portable. This means that if you switch jobs, you have the option to keep your 403(b) account with RPB as long as you like. If you go to another RPB-eligible employer, you can continue to contribute through that employer.

Need help? The RPB support team is just a phone call or email away. We also provide access to LifeWorks, a financial advisory service offered free to all RPB plan participants and their family members.

Your 403(b) account at a glance
Traditional 403(b) Contributions (Pre-Tax) Roth 403(b) Contributions (Post-Tax)

Income Restrictions

No

No

Employer Contributions

Yes

No

Employee Contributions

Yes—on a pre-tax basis, deferred from salary

Yes—on a post-tax basis, deferred from salary

Employee Contribution Limit1

$19,000

+$6,000 if age is 50+

$25,000 total

$19,000

+$6,000 if age is 50+

$25,000 total

Employer Contribution Limit1

$56,000 (or 100% of the participant’s taxable salary, whichever is less)

Not applicable

Combined

Under 50 = $56,000

Over 50 = $62,000

or, regardless of age, 100% of the participant’s taxable salary, whichever is less

Not applicable

Distributions

Contributions and earnings taxable upon withdrawal; 10% penalty before age 59½. Exceptions apply.

Contributions and earnings tax-free upon withdrawal (as long as 5-year requirement met)

Required Minimum Distribution

Yes (unless participant is still working after age 70½)

Yes (unless participant is still working after age 70½)

Tax-free to Heirs

No

Yes, as long as the account was owned for five years from the date it was established.

Loans

Yes

Yes

Hardship Withdrawal

Tax and 10% penalty on contributions and earnings

Tax and 10% penalty on contributions and earnings if 5-year requirement has not been met

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  1. Limit shown is for the 2019 tax reporting year.

At RPB, you’re not locked into IRS limits.

RPB also offers a Rabbi Trust, a way to capture employer contributions that exceed the IRS’s annual limit. All plan participants are eligible—not just rabbis.

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