Delta Tri-Angle 2016 Issue 2 | Page 15

2016 TRANSPORTATION CONSTRUCTION COALITION LEGISLATIVE FLY-IN

Three hundred members of the construction industry descended on Washington , DC in early May to participate in the Transportation Construction Coalition ( TCC ) Legislative Fly-In . The TCC , a partnership of 31 national associations and construction unions , was established in 1996 to focus on the federal budget and surface transportation funding .
The first day consisted of talks from industry associations , including the National Asphalt Pavement Association ( NAPA ), the Associated General Contractors of America ( AGC ), the American Association of State Highway and Transportation Officials ( AASHTO ), and the American Road and Transportation Builders Association ( ARTBA ). Several legislators took the time from their busy schedules to address the crowd , as well , including Congressman Sam Graves ( R-MO ), Chairman of the House Transportation and Infrastructure Committee on Highways and Transit . Congressman
Graves emphasized the need to repair , maintain and improve our transportation system and will explore every option to provide the necessary funding .
The second day consisted of visits with federal legislators . Dale Williams , Executive Director of the Missouri Asphalt Pavement Association ( MAPA ) and Don Rosenbarger , Vice President of the Delta Companies Inc ., met with eight Missouri legislators , or their designees . The message conveyed to the legislators was simple and direct : “ Thanks ” for the “ yes ” vote on the FAST Act ; however , the “ Job isn ’ t done !”
The Fixing America ’ s Surface Transportation ( FAST ) Act was signed into law on December 4 , 2015 . The FAST Act funds surface transportation programs at a level of $ 305 billion through fiscal year 2020 . However , the Act does not contain a long-term funding mechanism , nor does it provide a means for the Highway Trust Fund ( HTF ) to be self-sustaining . It
Dale Williams , Executive Director , MAPA ; Blaine Luetkemeyer- Representative ; Don Rosenbarger VP Operations ( Delta )
is incumbent upon all of us to consistently send the message to our legislators to finish the job and provide a robust comprehensive long-term transportation funding solution .

GREAT NEWS !

INTRODUCING ROTH IRA

The Colas retirement savings plans introduced three new features : Roth after-tax contributions , Roth “ roll-in ” and , for certain employees , Roth in-plan conversions . These options can offer you greater tax flexibility and a way to get tax-free distributions from your account .
WHAT ’ S A ROTH CONTRIBUTION ?
A Roth contribution is simply another way to save money in your retirement plan . Unlike traditional pretax contributions , Roth contributions come from your paycheck after taxes are taken out . While both types of contributions can grow tax-deferred , you won ’ t owe any federal tax on Roth withdrawals if you meet certain requirements . You can choose to contribute traditional pretax dollars , Roth after-tax dollars or both .
WHAT ’ S A ROTH ROLL-IN ?
You can consolidate Roth after-tax savings within your Colas account by rolling in , or transferring , assets you hold in outside Roth 401 ( k ) s or Roth IRAs . Consolidation could simplify your retirement savings strategy and make it easier to manage your money . The money you transfer in will be treated as an after-tax contribution and can be withdrawn federal tax-free if you qualify .
WHAT ’ S AN IN-PLAN ROTH CONVERSION ?
You may be able to convert pre-tax balances to Roth after-tax and take advantage of potential federal tax free withdrawals later on .* The caveat : Any money you convert is taxable as regular income in the year you make the conversionand this could mean using money from outside the plan to pay the tax due .
Please call Prudential at 877-778-2100 to learn if you qualify for a conversion .
Key considerations before converting plan balances to Roth :
• You wiII owe income tax on any pretax dollars converted to Roth in the year you make the conversion . If you have not experienced a “ distributable event ” ( such as termination of employment ), you will have to pay those taxes due with money from outside the plan .
• Because the amount you convert will be added to your taxable income , a Roth conversion could push you into a higher
tax bracket or cause other adverse tax consequences .
• You cannot undo a Roth conversion within the plan . Even if the value of your account falls after a conversion , you would owe taxes on the full conversion amount .
Due to these and other considerations , you should consult your tax advisor before you take action .
HOW DO I MAKE A TAX-FREE WITHDRAWAL ?
Because you already paid income tax on Roth contributions- new , converted or rolled in-you can withdraw that money 100 % federal income tax-free . But to avoid federal income tax on Roth earnings , the distribution must be “ qualified ”: In general , the withdrawal must occur at least five tax years after your first Roth contribution ,** and after one of the following :
• You have reached age 59-1 / 2
• You become disabled ( as defined by federal tax law )
• Your death
* You must be at least age 591-2 and / or experience a distributable event , such as termination of employment , to request an in-plan Roth conversion . ** Starting January 1 of the year in which you make the contribution . Qualified Roth withdrawals may be subject to state and local income tax . www . deltacos . com | 15