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$1,000 for IRAs and $5,000 for 401(k) and 403(b) plans
d. Faster 3 or 6 year vesting schedules on employer matching contributions
e. Roth 401(k) and 403(b) plans are also now permanent f. For lower income taxpayers, the Saver’s Credit, which would have expired at the end of 2006, has also been made permanent.
“Even though most people probably didn’t even realize some of these laws were set to expire, their benefits package has likely been affected by the uncertainty,” points out Lange. “For instance,, many companies have never put the Roth 401(k) and 403(b) plans on their menu of options since they didn’t know if they’d have to pull them off again in a few years. Now employers have an incentive to offer them.”
Even if you’re one of the countless small business employees (or self-employed individuals) who never had a pension to lose, Lange said you would do well to buy into the overarching “self-reliance” theme embodied in the new law.
“You must take decisive action to shore up your retirement savings,” he urges. “Sit down with a qualified retirement planning expert and plot out a reasonable, long-term strategy that depends, for the
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