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South Carolina State optional retirement program

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  • South Carolina State optional retirement program

    Just got an email today that I had some money in a South Carolina state optional retirement plan! I was trying to see if this would affect the pro-rata rule for back door Roth conversion. I found nothing online. I spent some time reading after clinic and didn’t see anything on google or wci forums. Google says this could be a 401(a), any help would be appreciated.
    Thank you!

  • #2
    Not applicable. Likely 401.

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    • #3
      State ORP is a 401(a) qualified governmental defined........

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      • #4
        Iow - nah. Plans under your control (IRAs of some form) impact the pro-rata calculation- not “employer” plans. The deal with IRAs is that you are contributing to and converting to a different tax version of an IRA (Roth) so it is considered unfair to bump the Roth conversion to the front of the line before the pre-tax balance. Confusing, but I think it makes perfect sense.
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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