NU Online News Service, May 6, 3:43 p.m. – John Hancock Funds, Boston, has introduced an individual 401(k) plan for “owner only” businesses.
Hancock, a unit of John Hancock Financial Services Inc., is selling the plan together with ExpertPlan, East Windsor, N.J., a company that provides Web-based retirement plan administrative services.
The plan, the Total 401(k) for Owners, or T(k)O, is available to any business that employs only the owners and the owners’ immediate family members.
Hancock says it introduced the plan because of 401(k) provisions included in the Economic Growth and Tax Relief Reconciliation Act of 2001.