Permalink Submitted by Alan - IRA critic on Fri, 2023-06-23 21:12
Yes, if the plan allows IRRs (in plan Roth rollovers) including IRRs of non distributable amounts. Once Regs are issued the Secure Act also allows employees to elect to have the matching contributions made direct to the desigated Roth account. Such amounts would be currently taxable in the year contributed.
Permalink Submitted by Don Wilson on Mon, 2023-06-26 18:21
Thank You for the information. Can you provide a reference to the appropriate section of the Tax Code? Working with a plan sponsor, who happens to be my employer, on getting this put in the plan document.The conversion options seems much easier than all the administrative questions concerning matching contributions to a designated ROTH account.
Permalink Submitted by Alan - IRA critic on Fri, 2023-06-23 21:12
Yes, if the plan allows IRRs (in plan Roth rollovers) including IRRs of non distributable amounts. Once Regs are issued the Secure Act also allows employees to elect to have the matching contributions made direct to the desigated Roth account. Such amounts would be currently taxable in the year contributed.
Permalink Submitted by Don Wilson on Mon, 2023-06-26 18:21
Thank You for the information. Can you provide a reference to the appropriate section of the Tax Code? Working with a plan sponsor, who happens to be my employer, on getting this put in the plan document.The conversion options seems much easier than all the administrative questions concerning matching contributions to a designated ROTH account.
Permalink Submitted by David Mertz on Mon, 2023-06-26 20:32
Section 402A(c)(4): https://www.law.cornell.edu/uscode/text/26/402A
Permalink Submitted by Don Wilson on Tue, 2023-06-27 16:57
Thank You!! Really appreciate your help.