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401(k) plans have been around since 1981; however, the conception for the establishment of such plans was included in the Revenue Act of 1978 whereby Congress included a provision that allowed employees to avoid being taxed on a portion of income that they decided to receive as deferred compensation in lieu of direct pay. Roth 401(k) plans were created as part of the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), but they did not become effective until January 1, 2006. In contrast to “pre-tax” 401(k) deferrals, Roth 401(k) contributions are “post-tax” contributions, but the earnings on Roth 401(k) contributions grow tax-free as long as certain conditions are met.*
Below are six tidbits you may not know about Roth 401(k) plans:
For more information on Roth 401(k) plans go to: https://www.irs.gov/retirement-plans/retirement-plans-faqs-on-designated-roth-accounts
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