Update on Roth 457 Option
Ohio legislation was recently passed to allow Ohio Deferred Compensation (Ohio DC) to offer a Roth 457 option. Once passed, our Board of Directors approved the implementation of a Roth 457 plan for Ohio DC. We are currently developing the proper processes and procedures needed to begin offering this option. The changes include accepting both pre-tax and post-tax participant contributions, working with over 1,800 employers to properly invoice and collect pre-tax and post-tax funds, programming changes for both the recordkeeping system and web site, and educating participants and new hires about the difference between a traditional and Roth 457 plan. With all the extensive changes needed, we plan to offer a Roth 457 option in 2019.