The company said in a news release that the new offering permits self-employed individuals and small-business owners with no employees other than a spouse to save more for retirement than they could with other types of retirement plans (See Black Box: Solo “Flight” ).
The company said that the plan is designed for individuals who have the ability to maximize contributions to a retirement plan, but who may also wish to vary their contribution amounts year-by-year.
There are no set-up costs for the plan, according to the company, and for accounts with less than $100,000, a $45 annual fee will be charged. Plan participants can choose from mutual funds, stocks and bonds available through Schwab, and all contributions, as with all Individual 401(k)s, vest immediately.
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