Roth IRA contribution
I spoke to someone in HR within the past year that said that the Roth IRA contribution in the 457(b) was not an option because one person in HR decided not to let it be an option. They said that the change would be happening to allow the Roth IRA contribution, but I haven't seen it. Can you please look into this being an option? One of the benefits of working for the university is the increased ability to invest more for retirement and I'd like to be able to take advantage of the Roth IRA option.
Resolution/Notes
It has been decided that the after-tax option for the 457 plan will now be allowed. This means that individuals will be able to make after-tax contributions to the plan, which are commonly referred to as Roth contributions. It is important to note that although the plan doesn't function like an IRA, the after-tax contributions will still be referred to as Roth contributions. However, modifications to the system and thorough testing are required before the Roth 457 plan can be integrated into Workday. This process is scheduled to be completed by 2025. Therefore, the after-tax option is expected to be available by January 2025.