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.
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