Thursday, September 9, 2010

Can I ';roll'; money from my deferred state compenstation plan to a Roth IRA without paying tax?

I work for an elementary school for my local town and have a plan set up that takes a portion of my check and places it inside this fund BEFORE taxes. The fund is simply a money market account making 1% and because I work for the town, I do not pay into Social Security and instead into this deferred plan. Can I roll this into my Roth IRA without simply taking the money out, getting taxed and then placing the money into my IRA? I think because it goes into this fund without being taxed, IF I want to take it out, I will have to pay taxes. I look forward to answers...