Introducing the Roth Elective Deferral Contribution Option: Enhancing Your Retirement Savings with Turn Services!

Our team members are the most important thing to us here at Turn Services. We care about our people and their well-being, which is why we make it a point to offer the best retirement saving plans to our team. 

That said, we are thrilled to announce a significant enhancement to our current 401(k) plan – the addition of a Roth elective deferral contribution account option. This new feature offers our employees an additional way to save for retirement, providing more flexibility and potential tax benefits.

Similar to a Roth IRA, contributions to a Roth 401(k) are made on an after-tax basis. This means that while you won’t receive an immediate tax benefit for contributing, the withdrawals in retirement – including both contributions and earnings – are entirely tax-free if certain conditions are met. These conditions include reaching age 59 ½, death, disability, or at the end of a five-year taxable period starting from when the participant’s deferral is first deposited into the Roth 401(k) account.

This new option empowers you to diversify your retirement savings strategy and potentially reduce your tax burden in retirement. To take advantage of this opportunity, eligible participants can make quarterly changes to their elections with The Standard, our carrier for the 401(k) plan. With the second quarter of the year approaching, we encourage you to review your election options promptly to ensure you’re making choices that align with your retirement goals.

For those who are unsure whether the Roth deferral is the right choice for their financial future, we have provided detailed information from The Standard and encourage you to consult with your financial advisor. Education and informed decision-making are crucial when it comes to planning for retirement.

 Visit The Standard (https://share.teamengine.io/fes1DbfGEAsSqQ) to review your election options.