Pacific Life Unveils Individual(k) Offering

September 15, 2004 ( - Pacific Life Insurance Co. has launched the Pacific Life Individual(k) Program, a 401(k) for self-employed business owners and their spouses.

A news release said the new offering includes Portfolio Optimization Funds – five asset allocation fund of funds to help investors diversify among management companies as well as investments.

The program features tax-deductible contribution limits of up to $41,000 annually.

“Because individual(k) plans have significantly higher contribution limits than most traditional retirement plans, the Pacific Life Individual(k) Program puts self-employed business owners on the fast track to reaching their retirement goals,” said Kathleen Hunter, vice president of marketing, Annuities & Mutual Funds Division, in the news release.

Individual(k) plans emerged in 2002 as a result of the Economic Growth and Tax Reconciliation Act of 2001, which made substantial changes to the laws governing qualified retirement plans.