New Jersey A228 mandates public employers offering deferred compensation retirement plans to include a Roth contribution option.

New Jersey A228 requires public employers offering deferred compensation retirement plans to also provide a Roth contribution option. This option allows employees to make after-tax contributions to their retirement accounts through salary deductions. These contributions, along with any earnings, can be withdrawn tax-free in retirement. The bill applies to municipalities, counties, and authorities created by one or more counties or municipalities, as well as the New Jersey State Employees Deferred Compensation Plan. The act will take effect 60 days following its enactment.

New Jersey A228 mandates public employers offering deferred compensation retirement plans to include a Roth contribution option.

New Jersey A228 requires public employers offering deferred compensation retirement plans to also provide a Roth contribution option. This option allows employees to make after-tax contributions to their retirement accounts through salary deductions. These contributions, along with any earnings, can be withdrawn tax-free in retirement. The bill applies to municipalities, counties, and authorities created by one or more counties or municipalities, as well as the New Jersey State Employees Deferred Compensation Plan. The act will take effect 60 days following its enactment.