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Senate committee advances bill allowing Roth contributions in public deferred compensation plans (SB 7010)
Summary
Senator Mayfield introduced SB 7010 to authorize Roth (post-tax) contribution options in state and local deferred compensation plans; the bill was wave-closed and reported favorably by the committee roll call.
Senator Mayfield introduced Senate Bill 7010 to permit Roth (post-tax) contribution options in the state and locally administered deferred compensation plans. Mayfield told the committee the bill would grant authority to the Department of Financial Services for the state plan and to local governmental entities for their respective plans to allow post-tax Roth contributions in deferred compensation programs.
Committee consideration was brief. One person (Charles Chapman) was recorded as waived in support. The bill was wave-closed for debate and the clerk called the roll; the chair reported SB 7010 "is reported favorably." Later senators recorded affirmative positions on the bill in the committee record.
The committee took no further amendments on the floor of the committee; the bill will proceed per Senate rules for subsequent consideration.
