Father of the 401(k) Has Another Child: Ted Benna forms new third-party administrator aimed at financial advisers in the 401(k) market.
Father of the 401(k) Has Another Child: Ted Benna forms new third-party administrator aimed at financial advisers in the 401(k) market.
A 401(k) solution for small employers ($250,000 - $3 mil)and small fund companies who cannot otherwise afford a platform. It is an open platform wherein the advisor can create a menu of funds with this firm providing administration.
posted by John @ 3:54 PM
1 Comments:
At 2:48 PM,
Unknown said…
HONORING JOSEPH M. GATT july 20, 2000 congressional record
· Mr. REID. Mr. President, I rise today
to recognize a distinguished citizen of
Nevada, Joseph M. Gatt. Mr. Gatt’s vision
and innovation paved the way for
millions of Americans to be able to secure
a comfortable retirement. Nearly
twenty-five years ago, he was instrumental
in developing the prototype
that was used for what ultimately became
the 401(k) pension program.
Mr. Gatt has been a resident of Las
Vegas, Nevada for almost forty years
and was a pioneer in the field of financial
planning. He worked as the Las
Vegas agent for the Hartford Insurance
Company when he initiated the new
pension program for the benefits of the
employees of the then MGM Grand
Hotel in Las Vegas. The key to the program
was the utilization of an existing
IRA program on a joint funding basis;
that is, with contributions from both
the employer and the employees, which
had never been done before. The incentive
to the employee to contribute to
the program was, of course, that the
contribution was tax deductible. The
Hartford program was so unique that it
was necessary for the Internal Revenue
Service (IRS) to approve it. On August
25, 1976, the IRS gave final approval for
the Hartford program, and it went into
effect immediately.
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