A NEW WAY TO SAVE FOR RETIREMENT INTRODUCING THE ROTH OPTION C46803
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1 A NEW WAY TO SAVE FOR RETIREMENT INTRODUCING THE ROTH OPTION C46803
2 TODAY S DISCUSSION 1. WHAT IS THE ROTH OPTION? 2. WHO MIGHT BENEFIT? 3. CONTRIBUTION LIMITS 4. DISTRIBUTION AND ROLLOVER OPTIONS 5. WHAT ARE MY INVESTMENT OPTIONS? 6. GETTING STARTED
3 WHAT IS THE ROTH 403(b) OPTION? > Retirement plan feature of Carleton TDA Plan > Allows for after-tax contributions, and > Tax-free withdrawals of the accumulations attributable to those contributions
4 THE BASICS OF ROTH SAVINGS > Available in IRAs since the late 1990s > Contributions are made on an after-tax basis > Benefits: > Qualified distributions are 100% tax free > Provides additional flexibility in planning retirement income > Protects against higher future tax rates
5 EXPANDING THE ROLE OF ROTH SAVINGS 403(b) retirement plans may allow a participant to designate some or all of their retirement plan elective deferrals as an aftertax Roth-style contribution rather than a pretax contribution* * Since January 1, 2006
6 WHO MIGHT BENEFIT? > Highly compensated employees > Young employees in a low tax bracket > Individuals who seek to maximize flexibility in drawing their retirement benefits > Individuals who wish to diversify against potential tax risks associated with pretax savings
7 WHO MIGHT BENEFIT? > The expected tax bracket a participant will be in during retirement is important in selecting their savings vehicle: Higher rates Same rates Lower rates Roth is generally superior Depends Traditional is generally superior
8 WHO MIGHT BENEFIT? Roth 403(b) Contribution Compared to Traditional Contribution Assumption: $16,500 (2010 maximum limit) contribution, earning 6% annually and 35% marginal tax bracket (before and after retirement) Roth 403(b) Traditional 403(b) Amount Contributed $16,500 $16,500 Tax Savings* $0 $5,775 Accumulation After 20 Years $52,918 $52,918 Tax Savings Accumulation After 20 Years* $0 $12,413 Tax Due at Retirement $0 $18,521 Net Accumulated Value at Retirement $52,918 $46,809 *Assumes that initial tax savings amount of $5,775 is invested in an after-tax account earning 6%, though subject to tax each year This is a hypothetical illustration and not a prediction or projection of investment results. These returns are for illustrative purposes only and do not reflect actual (product) performance.
9 WHO MIGHT BENEFIT? $6,000 Roth 403(b) Contribution = $9,231 Traditional Contribution Assumption: $6,000 contribution, earning 6% annually and 35% marginal tax bracket (before and after retirement) Roth 403(b) Traditional 403(b) Amount Contributed $6,000 $9,231 Tax Savings* $0 $3,231 Effect on Take Home Pay $6,000 $6,000 Contribution Accumulation After 20 Years $19,243 $29,604 Tax Due at Retirement $0 $10,361 Net Accumulated Value at Retirement $19,243 $19,243 This is a hypothetical illustration and not a prediction or projection of investment results. These returns are for illustrative purposes only and do not reflect actual (product) performance.
10 WHAT ARE THE DISTRIBUTION OPTIONS? > Tax-free withdrawals for qualified distributions > A qualified distribution is generally one that was made after age 59½ (or disability or), and at least five years after January 1 of the year in which the first Roth contribution was made to this or a predecessor plan. > Unlike the Roth IRA, first-time home purchase is not a qualified distribution. > Earnings from nonqualified distributions will be subject to tax and potentially a 10% penalty.
11 IS ROTH PARTICIPATION LIMITED BY HOUSEHOLD INCOME? > No! > Unlike Roth IRAs, there are no maximum income limits for Roth 403(b) or 401(k) contributions.
12 CONTRIBUTION CHOICES ARE > Roth 403(b) after-tax contributions > Pretax contributions > Both pretax and Roth 403(b) after-tax contributions
13 CAN I SPLIT MY ROTH DEFERRAL ELECTION? > Yes. > You can elect a combination of both pretax and Roth 403(b) after-tax deferrals.
14 HOW ARE ANNUAL IRS CONTRIBUTION LIMITS AFFECTED BY ROTH AFTER-TAX CONTRIBUTIONS? > The combination of traditional pretax and Roth after-tax deferrals cannot exceed IRS limits. > For 2013, the 402(g) elective deferral limit is $17,500 or $23,000 if you are age 50 or older.
15 HOW WILL MY PAYCHECK BE AFFECTED? > Roth after-tax contributions do not reduce your taxable income. > Net pay will be reduced due to additional tax withholdings.
16 ARE MY ROTH INVESTMENT OPTIONS THE SAME AS MY 403(b) INVESTMENT OPTIONS? > Yes!
17 ROLLOVER OPTIONS WITH THE ROTH ROTH 403(b) ROTH 403(b) ROTH IRA
18 WHAT WE VE COVERED TODAY > Basics of Roth savings > Who might use the Roth option > Contributions > Distribution and rollover options > Investment options > Getting started
19 GETTING STARTED IS EASY! > Complete and submit a new Salary Reduction Agreement. > First-time enrollees in the Tax-Differed Annuity (TDA) plan also need to complete the online enrollment. > Visit for enrollment instructions for the TDA plan if not currently enrolled.
20 Call us at Visit us at tiaa-cref.org The tax information contained herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services addressed herein. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
21 Call us at Visit us at tiaa-cref.org TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., Members FINRA, distribute securities products. Retirement Annuity (RA) TIAA Contract form series /CREF Certificate series C STD.1; Group Retirement Annuity (GRA) contract form series G or G ; G or G (not available in all states)/cref Certificate series CG ; Supplemental Retirement Annuity (SRA) TIAA Contract form series /CREF Certificate series ; Group Supplemental Retirement Annuity (GSRA) TIAA Contract form series G (GSRAs are not available in all states)/cref Certificate series CG1250.1; IRA Annuity TIAA Contract form series or (not available in all states)/cref Certificate series C or C1280.4; and Roth IRA Annuity TIAA Contract form series or (not available in all states)/cref Certificate series C or C are issued by TIAA (Teachers Insurance and Annuity Association), 730 Third Avenue, New York, NY Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017
22 IMPORTANT INVESTMENT INFORMATION All TIAA-CREF investment vehicles are subject to market and other risk factors, which could result in loss of principal. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or visit tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing.
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