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December 14, 2023 at 02:06 PM
A new bipartisan bill introduced by U.S. Reps. Darin LaHood, R-Ill., and Linda Sánchez, D-Calif., would permit retirement savers to roll money directly from a Roth individual retirement account into a Roth 401(k) or other type of Roth-style workplace retirement account.
As noted in a joint statement issued by the lawmakers, current law prohibits workers from rolling Roth IRA savings into workplace-based Roth retirement plans offered by employers.
LaHood and Sánchez say their bill would specifically allow transfers of workers’ contributions from Roth IRAs to a workplace designated Roth account, including Roth 401(k)s, Roth 403(b)s or Roth 457(b)s.
