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Proposed IRS rules clarify administration of Roth 401(k) plans.(News)( Internal Revenue Service)(Brief Article)
Business Insurance, March, 2005
Byline: JERRY GEISEL WASHINGTON-Proposed Internal Revenue Service regulations released last week pave the way for employers next year to start offering a new type of tax-favored 401(k) plan. Created by Congress as part of a 2001 tax law and slated to go into effect on Jan. 1, 2006, Roth 401(k) plans will allow participants to make aftertax contributions.
Unlike traditional 401(k) contributions, which are made with pretax dollars, contributions to a Roth 401(k) plan-and the investment earnings-can be withdrawn tax-free. Investment earnings, though, could not be withdrawn tax-free until five years after an employee first began to contribute to the plan and after he or she reaches age 591/2. The proposed rules, largely affirming requirements laid down by...
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