Who is eligible to participate in a 403(b) plan?

The eligibility to participate in a 403(b) plan is specifically designed for employees of public education organizations and certain non-profit employers, such as hospitals and charitable organizations. This type of retirement plan is aimed at helping these employees save for retirement in a tax-advantaged way.

This plan is not available to all private sector employees, which limits the eligible participants to those working in the specified sectors. Additionally, being over the age of 65 does not relate to eligibility for participation in a 403(b) plan, as it generally applies to workers regardless of age as long as they are employed by the qualifying organizations. Freelancers and independent contractors also do not qualify because the 403(b) plan is oriented towards employees of the designated educational and non-profit institutions, not self-employed individuals.