AboutWillard R. Brumbaugh, LUTCF Expertise I have answered many questions regarding 401ks, IRAs and annuities as well as life insurance.
I have been counselling against most Qualified Plans since 1994.
Experience Ranked in the top 5 in retirement catagories at Askme.com most of its last 2 1/2 years. Organizations I belong to:
National Association of Insurance and Financial Advisors-California
Inland Empire Estate Planning Council
Education/Credentials Life Underwriters Training Council Fellow
Question I read recently that in 2006 congress passed a law that will allow holders of 401k's to convert them into Roth IRA's starting in year 2010, without penalty or having first convert to a traditional IRA (but paying taxes of course). Can you confirm or deny this?
Answer Dear Jim,
I cannot confirm or deny this information. However, last year it became possible for an employer to sponsor a Roth 401(k). The employee's contribution would be after tax, but the employer's contribution would still be pre tax.
