What is a 403b? - Definition

What is a 403b? - Definition
A 403b is an investment plan non-profit organization employers that allows employees to invest tax deferred income for either retirement or emergency purposes. (The non-profit version of the 401k) While 403b accounts

are accessible, there may be penalties for accessing the money before retirement. One common use of 401k money is for down payment assistance towards a home purchase.