HR Update

Roth In-Plan Conversions Available

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 457 Deferred Compensation Plan, a 457(b) plan. This is effective April 9, 2024. 

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 457 Plan, 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. 

Learn More

To learn more about Roth contributions and how a Roth In-Plan Conversion may affect your savings, you can sign up for a free consultation with a Fidelity consultant.   

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 is right for you. 

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