We are petitioning the trustees to add a Roth (after-tax) 401(k) option alongside our current pre-tax plan. Other local unions already have this benefit—we should too.
Why we need a Roth 401(k) option:
- Huge Benefit for Apprentices: Younger members are in lower tax brackets today. Paying taxes at these low rates means decades of compounding growth that is completely tax-free later.
- Tax-Free Retirement: Pay taxes now, and all growth and future withdrawals are 100% tax-free.
- No Forced Withdrawals: Unlike a traditional 401(k), Roth accounts no longer have Required Minimum Distributions (RMDs) at age 73. You control your money.
- Keeps the Old System: If you prefer the current pre-tax setup, nothing changes for you. This just adds a choice.
Roth 401(k) vs. Roth IRA: A standard Roth IRA caps contributions at $7,000 a year and completely locks you out if you make over $161k. A Roth 401(k) lets you contribute up to $23,500 a year with ZERO income limits. This means journeymen working heavy overtime and foremen won't get penalized for making too much money.
The Facts:
- This just requires a plan document amendment by the trustees.
- Our current administrator, Milliman, handles Roth 401(k)s as standard practice.
- It does not change our investment options or employer contribution obligations.
Attached : Formal expanded document (see link
https://drive.google.com/file/d/1CDPB3CsuMzHGh_A1yO86CT00jZy53CSt/view?usp=drivesdk
1 Comment
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We are petitioning the trustees to add a Roth (after-tax) 401(k) option alongside our current pre-tax plan. Other local unions already have this benefit—we should too.
Why we need a Roth 401(k) option:
- Huge Benefit for Apprentices: Younger members are in lower tax brackets today. Paying taxes at these low rates means decades of compounding growth that is completely tax-free later.
- Tax-Free Retirement: Pay taxes now, and all growth and future withdrawals are 100% tax-free.
- No Forced Withdrawals: Unlike a traditional 401(k), Roth accounts no longer have Required Minimum Distributions (RMDs) at age 73. You control your money.
- Keeps the Old System: If you prefer the current pre-tax setup, nothing changes for you. This just adds a choice.
Roth 401(k) vs. Roth IRA: A standard Roth IRA caps contributions at $7,000 a year and completely locks you out if you make over $161k. A Roth 401(k) lets you contribute up to $23,500 a year with ZERO income limits. This means journeymen working heavy overtime and foremen won't get penalized for making too much money.
The Facts:
- This just requires a plan document amendment by the trustees.
- Our current administrator, Milliman, handles Roth 401(k)s as standard practice.
- It does not change our investment options or employer contribution obligations.
Attached : Formal expanded document (see link
https://drive.google.com/file/d/1CDPB3CsuMzHGh_A1yO86CT00jZy53CSt/view?usp=drivesdk
1 Comment
Its about time we get this option. Been wanting to put away more for a while now but the IRA limits are way too low especially during busy season.
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Its about time we get this option. Been wanting to put away more for a while now but the IRA limits are way too low especially during busy season.