NU Online News Service, Nov. 4, 2003, 4:58 p.m. EST – Travelers Life & Annuity, Hartford, has acted on a previously announced decision to market Section 412(i) retirement plans.
CJA and Associates Inc., Chicago, an actuarial consulting firm is helping with plan design and support.
Section 412(i) of the Internal Revenue Code defines a 412(i) plan as a defined benefit retirement plan funded by fixed life insurance policies or fixed annuity contracts.
Employers can deduct contributions from taxable income, and employees can defer taxes on their share of the benefits, Travelers Life says.