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Posted on June 8, 2017 by Nicole Anderson

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Lenhart, Mason & Associates, LLC

4 days ago

Lenhart, Mason & Associates, LLC

If you want another retirement savings option to add to your company’s benefits package, consider a Roth 401(k). But make sure employees use it. The Plan Sponsor Council of America found that Roth 401(k)s are available at 70% of employer plans, but only 20% of participants who had access to one in 2017 made contributions to it. These plans have traits of both Roth IRAs and employer-sponsored 401(k)s. Contributions to an employee’s Roth 401(k) account are made with after-tax, instead of pretax, dollars. But after five years, qualified distributions are exempt from federal income tax (the same as with a Roth IRA). In contrast, regular 401(k) distributions are taxed at ordinary-income rates of up to 37%. bit.ly/2E6bBZs ... See MoreSee Less

If you want another retirement savings option to add to your company’s benefits package, consider a Roth 401(k). But make sure employees use it. The Plan Sponsor Council of America found that Roth 401(k)s are available at 70% of employer plans, but only 20% of participants who had access to one in 2017 made contributions to it. These plans have traits of both Roth IRAs and employer-sponsored 401(k)s. Contributions to an employee’s Roth 401(k) account are made with after-tax, instead of pretax, dollars. But after five years, qualified distributions are exempt from federal income tax (the same as with a Roth IRA). In contrast, regular 401(k) distributions are taxed at ordinary-income rates of up to 37%. http://bit.ly/2E6bBZs
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