roth

SECURE Act 2.0: Key Changes for 2024
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
To most, the SECURE Act 2.0 appeared to predominantly outline optional changes that go into effect over the span of 10 years. However, there are a few mandatory changes taking effect in 2024 that plan sponsors will need to comply with. These provisions require sponsors to work with their advisors, recordkeepers, and providers to develop  Read More →
Growing Interest in After-Tax Contributions to 401(k) Plans
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary GovernanceComments are off for this post
Voluntary after-tax contributions (not to be confused with Roth contributions) are just what they sound like. These contributions are made in after-tax dollars and the taxes on the earnings are deferred until the year of distribution. Many 401(k) plans still do not allow voluntary after-tax contributions because there has been, historically, little interest from participants.  Read More →
To Roth or Not to Roth
Team SummitEmployee Financial Resource Center, Financial Planning, Retirement PlanningComments are off for this post
Many 401(k) and 403(b) retirement plan participants are uncertain as to the benefits of saving their contributions on a Traditional (pre-tax) or Roth (after-tax) basis. As a reminder, although you get a current year tax deduction for pre-tax contributions, the principal and growth will be taxable in retirement.  In contrast, Roth contributions are made with  Read More →

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