Wayne Demeester is a financial advisor who refers clients to Soltis Investment Advisors for retirement plan selection. While 401(k)s are for profit businesses and 403(b)s are for nonprofits, they both provide tax-deferred savings but have differences in eligibility, contribution limits, and costs. 403(b)s typically have lower administration fees but less employer matching, though some allow increased contribution limits for seniority. Both plans are usually administered externally with investment options selected by the company or employer.

2.  Wayne Demeester, cofounder of Definitive
Advisors, LLC, and a partner in Blue Skye
LLC, draws on extensive experience in the
financial services industry to help clients
make decisions in regard to their wealth.
Also the managing director of Definitive
Advisors, LLC, Wayne Demeester has
referred numerous clients to Soltis
Investment Advisors, LLC, for retirement plan
selection.

3.  Although both provide tax-deferred
retirement savings to account holders, the
401(k) and the 403(b) differ in eligibility,
deposit limits, and other details. At its most
basic level the 403(b) is only available to
nonprofit and tax-deferred organizations,
while the 401(k) is offered at for-profit
entities. The 403(b) carries lower
administrative costs, making it more
affordable for nonprofit groups and their
employees.

4.  Typically, 403(b) plans are less likely to match
employee contributions, which may mean a
smaller yield for employees with this plan.
However, some 403(b) plans allow for increases
in deferral limits depending on an employee's
seniority, enabling an employee to contribute
more to the fund without incurring tax
responsibilities.
Both plans are typically administered by an
external financial management company. In
most cases, either the company or the
employer selects the plan's investment
vehicles.