It appears that my employer's 401k plan allows for a mega backdoor Roth conversion, and so I am pursuing it: I am able to make after-tax contributions to my 401k and I am able to make 2 service withdrawals per year.
Can people that are familiar with this verify that my understanding is correct?
-first, I max out my pre-tax contributions. This will take some months as my employer only allows a maximum contribution of 40% per pay check.
-second, I change to contribution elections to make the full 40% go towards the after-tax 401k.
-over the next few months, money accumulates in the after-tax account, and then twice per year (presumably at ~$14.5k intervals) I rollover the after-tax money into my Roth.
-After I have reached the max for the mega backdoor, I then switch the contribution elections to the pre-tax account for the next year, and then rinse and repeat.