Resolution of the

University of Oklahoma Faculty Senate

A resolution requesting a Roth contribution option for 403(b) and 457(b) plans

Whereas: The University of Oklahoma offers two voluntary retirement savings plans for employees, namely the 403(b) and 457(b) plans, hereafter referred to as VRSPs, and;

Whereas: Contributions to VRSPs historically have only been allowed to be made using pre-tax dollars and therefore withdrawals are treated as taxable income, and;

Whereas: A Roth contribution option to VRSPs is now permitted by law and allows employees to make contributions with after-tax dollars and thereby withdraw earnings tax-free at retirement (subject to rules on qualified distributions), and;

Whereas: Adding a Roth contribution option to VRSPs allows employees to increase the diversification of the taxability of their retirement income, and;

Whereas: A Roth contribution option to VRSPs would make Roth accounts available to employees who otherwise are ineligible to contribute to Roth IRAs due to income limitations;

NOW, THEREFORE BE IT RESOLVED that the Faculty Senate of The University of Oklahoma hereby requests that The University of Oklahoma provide a Roth contribution option for 403(b) and 457(b) voluntary retirement savings plans beginning no later than January 2012.