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Fund Families Tout New 401(k) Plans For Owner-Only Firms Mini-401(k)s let you contribute more than other retirement plans.(A)
Byline: PAUL KATZEFF
Lone-wolf business professionals are discovering a new species of 401(k) plans.
New in 2002, these slimmed-down 401(k)s give self-employed business people the benefits of traditional 401(k)s, but without the customary costs and red tape.
The one-man 401(k)s also typically let entrepreneurs sock away more money yearly than other small-business retirement plans.
The contributions are tax deductible. Accounts grow tax deferred.
"They have the same contribution limits and same rules for participants as regular 401(k) plans," said Susan Hartnett, a vice president of retirement services at Scudder Investments. "But they cost less and require less paperwork."
Most fund families have set up only several thousand such plans at most. But they hungrily eye a huge potential market.
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