New Plan Offers Sole Proprietors 401k Protection

October 7, 2005 ( - Corporate Compensation Plans (CCP) and the Benefits Consultants Group (BCG) announced a new 401(k) plan with a disability insurance feature.

In a BCG press release, CCP President Philip Davis said that Solo401(k)Secure contains 401(k)Secure, a disability insurance that continues 401(k) contributions for sole proprietors who may become disabled.  

BCG President Robert Paglione said in the release, “…participants can direct their 401(k) plans to purchase an individual noncancelable disability policy.   The insurance benefit is equal to the contribution and the premium is paid with pre-tax dollars. When sole proprietors become disabled the insurance benefit is payable directly into their 401(k) accounts on a tax deferred basis and, as a result, their retirement assets will grow just as if they were working.”

In addition, The Solo401(k)Secure plan provides investment options offered by Fidelity Investments.

CCP and BCG create new benefit concepts and provide consulting and brokerage services to employers.