As part of the University of Minnesota’s commitment to help you meet your retirement savings goals, Fidelity has added a Roth In-Plan Conversion feature to the University of Minnesota Optional Retirement Plan (ORP), a 403(b) plan. This will become effective on September 1, 2023.
What Is a Roth In-Plan Conversion?
An opportunity to convert non-Roth assets such as those currently in your plan or rolled over from a former employer's plan into a designated Roth portion of the ORP, which allows you to withdraw tax-free dollars from your account when you are eligible.
How Do I Use an In-Plan Conversion?
Call Fidelity directly at 800-343-0860. Fidelity associates are available Monday through Friday between 7:00 a.m. and 11:00 p.m. CT.
To learn more about Roth contributions and Roth In-Plan Conversions, you can sign up for a free Ask Fidelity webinar with Fidelity Workplace Financial Consultant Evelyn Rhines. The sessions will be held on September 26 and 27, and Evelyn is happy to answer any questions you may have. Register here by selecting “Virtual Event” and choosing the session you’d like to attend.
If you can’t make it to a session, you can sign up for a free consultation with a Fidelity consultant here.
The decision to add Roth within your plan depends on several factors that you should weigh carefully. We encourage you to consult your tax advisor before making a decision if this type of account is right for you.