The so-called individual 401(k) offering is an outgrowth of liberalized contribution limits in the Economic Growth and Tax Reconciliation Act of 2001 (EGTRRA), which put 401(k) plans on an equal footing with other tax-deferred savings plans for sole proprietorships.
According to an announcement, BISYS provides a turnkey solution for Individual(k) plans, incorporating:
- product training,
- plan installation services,
- customized marketing materials,
- Web site support and content, and
- generation of participant statements and year-end reporting.
Advest’s Individual(k) offering will be distributed through its various broker-dealer relationships.
Advest, a regional financial services firm, provides financial, securities brokerage, trading, investment banking, trust, and other advisory services to its clients from more than 100 offices in 18 states and the District of Columbia. Advest is a member of The MONY Group Inc.