What type of retirement plan is specifically designed for public school teachers?

The correct choice is the 403(b) plan, which is specifically tailored for certain employees of public schools, colleges, and universities, as well as some non-profit organizations. This type of retirement plan allows eligible employees to contribute a portion of their salary on a pre-tax basis, which can help them save for retirement effectively while potentially lowering their current taxable income.

The 403(b) plan is similar to the 401(k) plan, but it is designed to meet the needs of employees in education and non-profit sectors. Because of the unique employment structure in public education, the 403(b) plan provides various investment options that can grow tax-deferred until withdrawal, usually upon retirement.

In contrast, the other options listed—such as the 401(k) plan, which is designed for employers in the private sector, and both the Traditional IRA and Roth IRA, which are individual retirement accounts not specific to any employment sector—do not have the same focus or provisions in relation to public school teachers. Thus, the relevance of the 403(b) plan makes it the ideal choice for public school educators looking to secure their financial future.