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Congress passes bill with Roth 457 provision

Participants in governmental deferred compensation plans likely will be able to elect to take advantage of a Roth option beginning next year. The House has joined the Senate to pass a bill that includes a Roth 457 provision. The bill ­ the Small Business Jobs and Credit Act of 2010 (H.R. 5297) ­ now goes to President Obama, who is expected to sign it. Ever since participants in 403(b) and 401(k) plans gained the opportunity to make elective deferrals as Roth options, the National Association of Government Defined Contribution Administrators has been lobbying for the 457 provision, arguing that it would put participants on par with their privatesector and nonprofit peers. The September edition of the Nationwide Federal Legislative and Regulatory Report covers the bill, as passed by the Senate, and may be reviewed from the Plan Sponsor Corner of our home page, www.nrsforu.com. We will further cover the Act in our October Report. You can read the text of the Small Business Jobs and Credit Act of 2010 (H.R. 5297) by going to http://thomas.loc.gov/cgibin/bdquery/z?d111:H.R.5297:. NRM-2646AO (09/2010) © 2010, Nationwide Retirement Solutions Nationwide, the Nationwide framemark and On Your Side are service marks of Nationwide Mutual Insurance Company.

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