Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Pacific Life Enters Roth 401(k) Fray

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

A West Coast insurer is promoting use of a new retirement savings tool.

Pacific Life Insurance Company, Newport Beach, Calif., has started offering a Roth 401(k) option within its Individual(k) retirement plan program for small businesses.

The Roth 401(k) program gives participants a chance to contribute to retirement accounts with income that has already been taxed. Some taxpayers are interested in the program because the government is promising not to impose additional income taxes once participants begin drawing on the accounts for retirement income.

In addition, contribution limits are higher for Roth 401(k) contributions than for Roth individual retirement account options, and taxpayers can participate in the Roth 401(k) program even if their incomes exceed the income maximum for the Roth IRA program, Pacific Life says.

The Pacific Life Roth 401(k) program offers participants access to 5 asset-allocation funds.

A unit of BISYS Group Inc., Roseland, N.J., will handle recordkeeping and administrative services.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.