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403(b) Smart Account

Any employee of a participating Y can participate in the Savings Plan by opening a 403(b) Smart Account at any time during their Y employment.

Sidebar: Saving for Retirement in 3 Simple Steps


Save with Each Payroll

Saving in a 403(b) Smart Account is easy. You agree to have a percentage or dollar amount withheld from your paycheck and deposited into your 403(b) Smart Account. The federal government sets limits on the amounts you can contribute annually to your 403(b) Smart Account.

Reduce Your Taxes

By saving in this account, you reduce your taxable income. The more money you put in a 403(b) Smart Account, the lower your taxable salary, the less tax you pay, and the faster your savings will grow.

You’ll still have to pay Social Security and Medicare taxes on the amounts you save, but you won’t have to pay federal income taxes on those amounts, or on the account’s earnings until you withdraw them from the Savings Plan. In most cases, you can defer state and local taxes as well.

What Is Tax-Deferred?

It’s important not to confuse tax-deferred savings with tax-free savings. When you save for retirement in a 403(b) Smart Account, you’re postponing taxes, not eliminating them. When you retire or take money out of your account, you’ll pay income tax on the amount you withdraw.  

Although there’s no guarantee what the tax rates will be in the future, many people find that they pay income tax at a lower rate after they retire.  

Start Saving Now!

To open a 403(b) Smart Account, or to change your contributions to a current account, complete the 403(b) Smart Account form and submit it to your Y’s human resource or payroll department. Contributions to this account must be from payroll deduction only.