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Tax deferral
You will not be taxed on the contributions to the Plan (except for contributions that are Roth pay deferrals), or on the investment earnings credited to your accounts, until these amounts are actually distributed to you from your accounts. If you receive a "qualified" distribution from your Roth accounts, as explained in "Tax consequences of Roth distributions", you will not be taxed on the investment earnings credited to your Roth accounts.