What is a Payroll Deduction Plan or Payroll Deduction Roth Plan?
A Payroll Deduction Plan can be used as a convenient way for employees to make regular, affordable contributions to their own IRA or Roth IRA through payroll deductions. This plan can be a great service to your employees and requires no contribution or expense by the employer. Contribution Opportunities Contributions are withdrawn directly from the employees paycheck post tax and sent to Waddell & Reed for deposit into their IRA or Roth IRA account by the employer. Employee participation is completely voluntary. The employees can choose between a Traditional IRA and a Roth IRA. Benefits of a Payroll Deduction IRA and Roth IRA Plan Employer benefits: • The ability to provide a retirement plan contribution opportunity for your employees. • Because it is not an employer-sponsored qualified plan, there is no third party administration. • Waddell & Reed will send the company a monthly Billing Statement to utilize for submitting the breakdown of the IRA contributions for each participating e
