Pension plan

You can also talk with a tax accountant who would be a neutral party.

When I worked in the hospital, we had a hospital pension, which was automatic and you were vested after 3 years, and the option to contribute to a 403B. It's up to you if you want to contribute to a 403B on top of the pension.

If you can afford it I would do both. You would have to look into the specifics of the pension plan. Every plan is different. However, a 403b is a nonprofit companies version of a 401k. When you leave you should be able to roll that over into an IRA. Do they match any contribution to the account? Your contribution should always be yours, but if they match contribution you may not be able to take their portion with you if you are not fully "vested." You become vested by staying with the company for a certain time period. With my last employer it was 5 years.

PS If they do match a portion of your contribution to the 403b you really need to do it. Never turn away free retirement money.

Pension Plans are slowly being phased out in favor of 401K/403B. Pension plans are 100% contributed by your employer. Depending on how much money is in your account will determine how much of a monthly check you get when you retire. 401K/403B you contribute a percentage of your pay and your employer will match up to a certain percentage.

You can do both, but you can't roll over a 401k/403B into a pension. If your employer decides to end your pension plan and pay you what is in your account, you will need to roll it over into your 403B or an IRA to avoid huge penalty and taxes.