I was really happy to read this article for something that came out of the fiscal cliff deal. Most employer-sponsored retirement plans (ESRP) previously wouldn't let you convert money contributed to a traditional/pre-tax plan into a Roth/post-tax plan ... so basically you'd have to wait until your employment terminated before you could do any conversion. With this new legislation, we can start to convert within the existing ESRP while we're still employed with that company. No details on how it works for the company match portion but I am definitely interested in doing it with my traditional 401k contributions before I had switched to the Roth 401k option.
1) Your employer's plan must offer a Roth 401k
2) Your employer's plan must allow for such a conversion (which was before prohibited by law)
It's not surprising. The gubmint needs money. Roth conversions provide that money.