Waddell & Reed launched the Exclusive(k) retirement plan for owner-only businesses. In a press release announcing the product, the financial services company said owners could set aside not only the maximum employer contribution as well as the maximum salary deferral allowed under recent tax law changes.
The company said owner-only employers who already have a Keogh money purchase pension plan or a profit sharing plan can merge the money purchase and profit sharing plans.
A amendment after that would allow them to start an individual plan such as Exclusive(k), Waddell & Reed said.
The product is aimed at owner-only companies, sole proprietors, self-employed individuals, common partnerships, and employed spouses, the company announcement said.
Waddell & Reed, Inc. is a subsidiary of Waddell & Reed Financial, Inc.