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Additional legislation since 2001 has further relaxed restrictions. Essentially, most retirement plans can be rolled into an IRA after meeting certain criteria, and most retirement plans can accept funds from an IRA. An example of an exception is a non-governmental 457 plan which cannot be rolled into anything but another non-governmental 457 plan.
Currently two types of plan, the Roth IRA and the Roth 401(k), offer tax advantages that are essentially reversed from most retirement plans. Contributions to Roth IRAs and Roth 401(k)s must be made with money that has been taxed as income. After meeting the various restrictions, withdrawals from the account are received by the taxpayer tax-free.
A Roth IRA can be the most powerful and flexible of retirement plans. It is not tied to your employer, is often offered both fee- and commission-free by brokers, and allows tax-free compounding ...
Remember that, unlike traditional retirement accounts, Roth IRAs don’t require minimum distributions during your lifetime. Starting in 2024, the same rule applies to Roth 401(k)s.
A traditional IRA is an individual retirement arrangement (IRA), established in the United States by the Employee Retirement Income Security Act of 1974 (ERISA) (Pub. L. Tooltip Public Law (United States) 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18).
Traditional IRAs were introduced in 1974, but it wasn’t until 1980 that some employers began transitioning from pensions to traditional 401(k) plans. Roth accounts weren’t available until 1998.
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