Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Products September 15, 2004
Pacific Life Unveils Individual(k) Offering
September 15, 2004 (PLANSPONSOR.com) - Pacific Life
Insurance Co. has launched the Pacific Life Individual(k)
Program, a 401(k) for self-employed business owners and their
spouses.
Reported by Fred Schneyer
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.