ROTH 401(k) FEATURE QUESTION & ANSWER (Q&A)

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1 ROTH 401(k) FEATURE QUESTION & ANSWER (Q&A) Purpose of Q&A: Beginning January 1, 2006, employers that sponsor 401(k) retirement plans may offer a new plan design feature after-tax Roth deferrals. The purpose of this Q&A is to provide general information regarding the Roth feature to plan sponsors, plan administrators and trustees so that they may make an educated decision whether to add the Roth feature to their plan. Special Note to Reader: Responses below have been based on Lincoln s current interpretation of the Proposed Rules published by the IRS on March 2, Several issues were not clearly addressed by the IRS. Lincoln through various trade groups has made comments to the IRS and has requested additional guidance. Throughout this Q&A we have noted items requiring additional IRS guidance. In addition, most states tax 401(k) retirement plans the same as the federal government. This Q&A is based on that assumption. Q1. What is the Roth deferral and how does it differ from a pre-tax deferral? A1. Currently, salary deferral contributions to 401(k) plans are made on a pre-tax basis and are taxed when distributed. The new Roth deferral is made on an after-tax basis meaning that taxes are withheld at the time the deferrals are contributed to the plan. Then, if certain conditions are met, distribution of earnings will be tax-free (the distribution of actual Roth deferrals is always taxfree). A plan that permits participants to make Roth deferrals as well as the traditional pre-tax deferrals will allow individual participants, based on their specific circumstances, to make current taxation choices. These choices may have substantially different tax outcomes at retirement when the accumulation phase is over and they begin to take distributions from their retirement accounts. Q2. Can participants make both pre-tax and Roth deferrals? A2. If permitted in the plan document, participants can make both pre-tax deferrals and Roth deferrals for plan years beginning on or after January 1, The combined deferrals for the 2006 plan year cannot exceed the lesser of $15,000 or 100% of compensation (subject to ADP testing). If permitted in the plan document, employees 50 or older by the end of 2006 can also make a combined catch-up contribution of $5,000. Q3. Today, participants can convert (move money) from a traditional IRA account to a Roth IRA. Will participants also be able to convert (move money) from their pre-tax deferral account to their Roth 401(k) account, if both are available in the plan? A3. No, there is no conversion feature available. Q4. When is this Roth deferral feature available? A4. The Roth feature is available for plan years beginning on or after January 1, Q5. What type of plans may permit the Roth deferral feature? A5. The Roth deferral feature may be added to either a 401(k) or 403(b) plan. This feature is not available in 457(b), traditional profit sharing or money purchase plans. Q6. When were the proposed rules/regulations addressing the Roth feature issued? A6. Proposed rules were published by the IRS on March 2, 2005 regarding the Roth deferral feature. The reader may view these proposed rules at: These rules have not been finalized as of the publication of this material. 12/31/ LFD

2 Q7. When will these rules be finalized? A7. We anticipate that the rules regarding Roth contributions will be finalized soon. In addition, proposed regulations regarding distributions from Roth deferral accounts are expected shortly. It is our understanding that the proposed regulations will address: taxation of distributions specifically pro-rating partial distributions, hardship withdrawal hierarchies (between pre-tax deferral and Roth deferral accounts), and tax reporting of defaulted loans when the loan originates from the Roth deferral account. Q8. Who will benefit from the Roth 401(k) deferral feature? A8. Much has been written recently by tax analysts regarding the Roth 401(k) feature. It has been described as an important tax alternative that may be valuable to employees who are currently saving for retirement through existing 401(k) plans. There are several categories of participants who may benefit from the Roth feature: Younger employees Participants who are currently in lower tax brackets may find that electing Roth deferrals may result in minimal additional tax burden. The longer the time until retirement, the more the impact of compound interest, and the ultimate tax free value of Roth earnings could exceed the ultimate after-tax value of pre-tax earnings growth. Employees with higher income levels Currently highly paid employees are unable to contribute to Roth IRAs due to income restrictions on these retirement vehicles. In 2005, single filers that earn more than $95,000 and joint filers earning more than $150,000 will be unable or will be restricted in their ability to make contributions to a Roth IRA. However, these income limits do not apply to Roth 401(k) savings. Thus, highly paid employees will be able to enjoy Roth savings for the first time and could conceivably defer as much as $20,000 into the Roth deferral account in 2006 (assuming age 50 or older). Employees who expect tax rates to increase For individuals who anticipate that tax rates will increase by the time they retire, the long-term tax free value of Roth deferral accounts may exceed the after-tax value of traditional pre-tax deferral accounts. Employees who will receive substantial inheritances If individuals receive a substantial inheritance that will cause them to be in a higher tax bracket in later years, they may conclude that making Roth deferrals instead of pre-tax deferrals may prove beneficial. Employees interested in estate planning opportunities Many financial professionals are promoting Roth savings for estate planning purposes. Estate planning and taxation on estates is complicated and varies based on state laws. An individual contemplating Roth savings should seek expert tax advice. However, many experts believe that wealthy individuals will not use all of their retirement savings and may want to leave their heirs with significant assets. They will be able to increase their transfer of wealth through Roth savings. For example, at the time of retirement, an individual may elect to roll over their Roth 401(k) account to a Roth IRA. Since Roth IRAs are not subject to required minimum distribution ( RMD ) upon age 70½, assets will never have to be withdrawn during the IRA account holder s life and earnings can accumulate tax free. Upon the death of the Roth IRA account holder, assuming the spouse is the beneficiary; the spouse still does not have to initiate required withdrawals if the spouse rolls over the Roth IRA into their own Roth IRA. The Roth account continues to accumulate earnings tax free. If a Roth IRA is passed on to a child (or grandchild), the assets must be distributed over the child s life expectancy. So the assets in a Roth IRA account can continue to grow tax deferred over a very significant period of time and then be distributed tax-free. In contrast, all accounts in a 401(k) plan are subject to the RMD rules. 12/31/ LFD

3 Q9. What factors should participants consider when deciding whether to make pre-tax deferrals that are taxed upon distribution or Roth deferrals that may be distributed tax free? A9. Some of the considerations are: Will a pre-tax deferral lower the participant s current tax bracket? If the participant chooses to make a Roth Deferral, can the participant afford the lower take home pay, as a result of increased tax withholding? If the participant reduces the Roth Deferral so that the participant s take home pay is the same as with a pre-tax deferral, will that reduction result in a lower employer matching contribution? By the time the participant takes a distribution from the plan or retires, does the participant anticipate that their personal tax rate and tax bracket will increase or decrease because of: a. a change in their income, and/or b. a change in the tax rates by the IRS. If the participant chooses a pre-tax deferral, will the participant invest this take home pay increase in a profitable after-tax investment until retirement, or will the participant spend the difference in take-home pay? Will the participant lose other tax deductions because the Roth Deferral raises the Adjusted Gross Income (AGI)? Is it a concern to the participant to be able to avoid required minimum distributions at age 70½, and thus take advantage of generation skipping estate planning opportunities with a Roth IRA? We also suggest that each participant seek individual tax advice from their personal tax advisor. Q10. If the employer adds the Roth feature to the plan, how will an employer s payroll system be impacted? A10. Payroll vendors are currently developing capabilities to support Roth deferrals. When a pre-tax deferral is made, no federal or state income tax withholding is calculated on that contribution. But, when a Roth deferral is made, federal withholding tax is taken and state withholding is generally required. The Roth feature will also impact W-2 reporting. We anticipate that Roth deferrals will show up in Box 12 and will also appear in Box 1 of the W-2. However, final instructions and guidance have not yet been issued. If the plan sponsor, plan administrator and/or trustee are interested in offering the Roth feature, early discussions with the payroll vendor and/or internal payroll department and adequate testing of updated payroll systems should be performed well in advance of the introduction of the Roth feature to plan participants. Q11. When will the IRS publish Instructions for Form W-2 (2006)? A11. Instructions are typically published in the fall. However, further guidance may also be provided in the final regulations. Q12. How will Lincoln assist the Employer in supporting the Roth feature? A12. Lincoln will be prepared to support the Roth feature effective January 1, The efforts that are well underway include: Roth deferral tracking A separate source or bucket has been developed to support Roth deferrals. This is necessary so that Lincoln can track basis the amount of Roth contributions that will not be subject to taxation upon withdrawal. Electronic Remittance -- Lincoln s electronic contribution remittance capabilities will permit employers to submit Roth contributions. Roth Inception Date Tracking As noted in Q&A 16, in order for the earnings tied to the Roth account to be tax-free upon distribution, the five-year portion of the Qualified Distribution rules must be satisfied. Once a Roth contribution is made to a participant s account, Lincoln will trigger a Roth Inception Date for that participant and track the five year requirement. 12/31/ LFD

4 Basis Tracking Lincoln will track the basis inside the Roth account in order to provide accurate tax reporting for non-qualified distributions. Tax Withholding & Reporting -- Lincoln will be prepared to withhold and report taxes on Roth distributions. Refer to Q&A 15, 16 and 17. Rollover of Roth Accounts & Tracking Roth Inception Date Plan Sponsors may design their retirement plans to permit the rollover of Roth 401(k) accounts from other 401(k) plans. Lincoln will support Roth rollovers which will likely include a requirement to use the prior plan s Roth inception date for purposes of the five-year rule. Administrative Forms & Procedures Efforts are also underway to update administrative forms such as distribution, rollover and Special Tax Notice forms to reflect the Roth feature. These updated forms will be available beginning in Q13. If the employer adds the Roth feature, when will an amendment to the plan document be required? A13. Generally, employers that wish to provide for the Roth deferral feature must sign an amendment and provide a Summary of Material Modification ( SMM ) to all eligible participants plan year: Given that the Roth feature was introduced as a part of Economic Growth and Tax Relief Reconciliation Act of 2001 ( EGTRRA ), it appears that a Roth amendment effective for the 2006 plan year must be adopted by the end of the 2006 plan year. It is anticipated that the IRS will issue sample language at the time final regulations are issued plan year or later: If the plan sponsor adopts the Roth feature for a plan year beginning on or after January 1, 2007, the amendment should be signed before Roth deferrals are placed in the plan. Q14. How are distributions from Roth deferral accounts different from pre-tax deferral accounts? A14. Pre-tax deferral accounts and accumulated earnings are subject to federal and state income tax when distributed. A qualified distribution from a Roth deferral account, as described in Q&A 16 is not subject to federal and state tax both contributions and associated earnings are distributed tax free. If a distribution from a Roth deferral account is made prior to satisfying the requirements of a qualifying distribution then the earnings are taxed, and the 10% premature distribution penalty may apply to the earnings portion of the distribution. Q15. What are distributable events in a plan? A15. In general, 401(k) retirement plans permit distributions of pre-tax deferrals when certain events occur (subject to limits in the law and the terms of the plan document). Some of these distributable events include: Death Disability Hardship Severance from Employment Retirement Plan termination Distributions and withdrawals from a Roth deferral account must follow these same general plan requirements. There is, however, an additional requirement that determines if the distribution of earnings from the Roth deferral account is subject to taxation and potential 10% premature distribution penalty. 12/31/ LFD

5 Q16. What is a qualified distribution from a Roth account? (Also refer to chart in Q&A 17) A16. Assuming a distributable event has occurred, a qualified distribution from a Roth account occurs when both of the following requirements are met: Requirement #1: Roth account has been in existence for at least five taxable years, and Requirement #2: The distribution requested is (1) due to death, (2) due to disability, or (3) after the participant has reached age 59½. Only one of these three events is necessary to satisfy Requirement #2. If both of these requirements are met, then the earnings portion of the distribution is tax free and is not subject to the 10% premature distribution penalty (Distribution of Roth after-tax contributions are always tax-free). Q17. What is a non-qualified distribution from a Roth account? (See chart below) A17. Assuming a distributable event has occurred, the distribution from a Roth account would be considered non-qualified if the individual has not met both of the requirements noted in Q&A 16. The earnings portion of the distribution would be taxable and may be subject to the premature 10% premature distribution penalty. For example, suppose a participant is 62 years of age and receives an age 59½ in-service withdrawal. The Roth account has been in existence for less than 5 years. The withdrawal would be considered a non-qualified distribution. The earnings would be taxable. However, the 10% premature distribution penalty would not apply (participant s age is 59½ or greater). If, however, the participant held the Roth account for at least 5 years, earnings would not be taxable and the 10% premature distribution penalty would not apply (participant s age is 59½ or greater). As of the drafting of this Q&A, guidance is still required regarding non-qualified distributions. It is yet to be determined if a participant who receives a partial distribution will receive basis or after-tax contributions first or if the non-qualified withdrawal will be pro-rated between such contributions and earnings. It should be noted that Roth IRAs receive basis first during any partial withdrawal. The following chart provides a high level overview of qualified and non-qualified distributions and does not address all exceptions that might affect a qualified / non-qualified distribution such as: substantially equal periodic payments, QDRO payment to alternate payee, IRS levy, and deductible medical expenses. Lincoln encourages participants to seek individual tax advice from their personal tax advisors before taking any distribution. 12/31/ LFD

6 Is this a qualified distribution? Has the Roth account been in existence for at least five taxable years AND is the distribution due to death, disability, or because the participant has reached age 59½. Yes This is a qualified distribution which means: No tax on earnings No 10% premature distribution penalty (Distribution of Roth after-tax contributions are always tax free) No This is a non-qualified distribution which means: Taxed on earnings (Distribution of Roth after-tax contributions are always tax free) Does the 10% premature distribution penalty apply? Yes If the participant has not attained age 59½ and is still employed. No If the participant is 59½ or older, or If the participant separates from service with the employer after attaining age 55. Q18. Will Lincoln have separate fees, asset charges, or administrative expenses for the Roth 401(k) feature? A18. No. However, electronic submission of data is strongly recommended. You will want to check with your service provider/third party administrator to determine if they have any additional service charges. Q19. Will Lincoln provide a Roth IRA to support force-out distributions of Roth deferral accounts? A19. Yes, Lincoln intends to have a Roth IRA available by the end of the 2 nd quarter of The Roth IRA will be similar to the Lincoln Small Accounts IRA. Look for information regarding this Roth IRA in future newsletters (Delivering retirement plan news). Q20. How long will the Roth deferral feature be available? A20. The Roth deferral feature is a part of The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). EGTRRA introduced many plan provisions that could expire December 31, 2010 including the Roth feature. We anticipate that the EGTRRA features will become permanent. Plan sponsors should weigh this issue as they consider adding Roth deferrals to their retirement plan. The Lincoln Director SM is a group variable annuity contract issued by The Lincoln National Life Insurance Company, Fort Wayne, IN on policy form #19476 (and variations thereof) and is distributed by broker/dealers with effective selling agreements. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. IRS CIRCULAR 230 DISCLOSURE: Any discussion pertaining to taxes in this communication (including attachments) may be part of a promotion or marketing effort. As provided for in government regulations, advice (if any) related to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code. Individuals should seek advice based on their own particular circumstances from an independent tax advisor. 12/31/ LFD

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