According to the announcement, plan participants will have access to printed educational materials that compare Roth 401(k) contributions to traditional 401(k) contributions and an online planning calculator that models both types of contributions.
For sponsors, Union Bank is also providing educational materials and a standardized plan amendment, which clients can use to add the feature to their plans. Existing clients can add the Roth feature effective July 1, 2006.
Union Bank’s institutional services and asset management division provides custody, securities lending, corporate trust, retirement plan and investment management services to clients globally. The company’s Web site is www.uboc.com .