The Payroll Roth Individual Retirement Account (IRA) is a retirement savings option available to City of Franklin employees through ICMA-RC. The Payroll Roth IRA provides another tax-advantaged way for employees to save for retirement through individual accounts and the convenience of payroll deduction.
A Roth IRA plan offers many advantages:
• Flexible withdrawals
• More investment options
• Use for a variety of savings goals
• No required minimum distributions
The 2014 maximum dollar limit is $5,500, or $6,500 if age 50 or over.