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It’s time for advisors to schedule a Roth conversations with every of their retirement plan shoppers, in accordance with ERISA lawyer Brad Campbell with Faegre Drinker.
Why? As a result of the Setting Each Group Up for Retirement Enhancement (Safe) 2.0 Act “offers new necessary and new non-obligatory new Roth points to think about,” Campbell, a former head of the Labor Division’s Worker Advantages Safety Administration, stated on the regulation agency’s latest Contained in the Beltway webcast.
“Each plan must have a Roth overview this 12 months,” Campbell stated.
In separate feedback to ThinkAdvisor, Campbell relayed that earlier than Safe 2.0, “plans had the choice of permitting staff to elect that worker contributions be made on a Roth foundation. Some plans adopted this provision, most didn’t.”
Safe 2.0 “expanded that to provide plans the choice to permit staff to elect to obtain each worker and employer contributions on a Roth foundation,” Campbell stated.
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