Employees who are close to retirement age would be able to transfer their retirement savings from a 401(k) to a Roth savings account under a provision in a Senate small-business measure. Workers over the age of 59½ would be able to transfer funds from 401(k) plans in much the same way they can move money from traditional IRAs. The move is seen as a revenue generator for the government, as it would require participants to pay deferred taxes on their 401(k) savings.

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