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.