NU Online News Service, June 2, 2003, 11:35 a.m. EDT – Travelers Life & Annuity, Hartford, is working with CJA and Associates Inc., Chicago, an actuarial consulting firm, to set up a Section 412(i) program.
Owners of businesses with 15 or fewer employees can use fixed life insurance policies or annuities in the accounts to equip themselves with defined-benefit pension benefits.
Owners can deduct contributions to 412(i) accounts from taxable income, and they can defer taxes on the value building up in the accounts.
Travelers Life plans to distribute the accounts through its general agents and producers.
Travelers Life is a unit of Citigroup Inc., New York.