Press
Ascensus and NAFCU Services Provide Free Podcast On New Roth Conversion Rules
BRAINERD, MN – July 8, 2010 – Ascensus today announced the availability of an educational audio podcast, “Roth Conversions – Why Should I Convert?” The podcast was created with NAFCU Services Corporation. Ascensus is a Preferred Partner of NAFCU Services
This free 20-minute podcast is available at www.nafcu.org/ascensus
Early 2010 marked the repeal of two Roth IRA conversion eligibility restrictions, opening up the conversion opportunity to a larger segment of the population. Previously, married individuals filing separate tax returns and individuals with modified adjusted gross income exceeding $100,000 were not eligible to convert retirement savings to a Roth IRA. Now, virtually anyone can convert IRA or employer-sponsored retirement plan assets to a Roth IRA.
“Roth IRA contributions are not tax-deductible. Some people may prefer to pay taxes now instead of later to reap the benefits of tax-free qualified withdrawals,” said the podcast’s expert, Kim Johnson, Director of ERISA Support Services at Ascensus. “Along with the changes in 2010, a special provision allows an individual to spread the tax hit over the next two years for a 2010 conversion. This point may provide incentive for members considering the switch.” The podcast also reviews the benefits of what has become known as the ‘loophole’— members who are not eligible to contribute to a Roth IRA making nondeductible traditional IRA contributions and then converting to a Roth IRA.
“The new rules for Roth IRAs may open up a new retirement option for credit union members,” said David Frankil, president of NAFCU Services Corporation. “Credit unions should alert their members of the new rules and potential benefits.”
About Ascensus
With more than 30 years of industry experience, Ascensus provides high quality solutions for every segment of the retirement marketplace. Ascensus is a division of Crump Group, Inc., (CGI). CGI is a leading provider of retirement services as well as the largest and most diversified wholesale insurance distributor in the United States. As the nation’s largest independent recordkeeper and administrator for retirement plans in the micro to large market segments and a leading provider of regulatory expertise, plan document services, and participant enrollment support, Ascensus services over 27,000 defined contribution plans. The company’s core capabilities encompass every component of a sophisticated retirement infrastructure, including administration, recordkeeping, ERISA consulting, compliance and sales support, trust and custody services, multilingual participant education programs, training, and documentation. These solutions are offered with the open architecture investment capabilities that can be tailored to support the needs of institutional retirement plan providers, third party administrators, financial advisors, and their clients. For more information, visitwww.ascensus.com.
About NAFCU Services Corporation NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers 28 Preferred Partner programs to the credit union community and maintains the credit union locator website CULookup.com. For more information about NAFCU Services Corporation, please visit www.nafcu.org/nafcuservices.
Contacts:
Jane Weizenegger
Manager Association Relationships
Ascensus
Tel: 218-825-5163
David C. Frankil
President
NAFCU Services Corporation
Tel: 703-842-2226