Introduced
by
To authorize offering Roth 401k retirement plan options to state employees. Unlike a regular 401k retirement account in which federal income tax on current income that is placed into the account is deferred until money is withdrawn from the account after age 59 ½, in a Roth 401k the tax is paid now, but all post-retirement withdrawals are tax free. Note: Since 1997, new state employees have been placed in defined contribution plans (401k and similar accounts), rather than defined benefit plans (traditional employer pension system plan).
Referred to the Committee on Government Operations
