Most workers have heard of 401(k) plans and their usefulness in saving toward retirement, but there are other tax-favored retirement savings vehicles that are available to certain employees. For those who work in the education or medical professions as well as for nonprofit organizations, many employers offer 403(b) plans to their workers.403(b) plans are similar in many ways to 401(k)s, and one thing they share in common is the ability to make large contributions toward retirement.