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Press release:

ExpertPlan Rolls Out Solo(K) To Its Financial Partners

Issued by: ExpertPlan

Date: Feb. 15, 2002

-18 million sole proprietors account for nearly $1 trillion in gross annual revenue* -

ExpertPlan, the leading Internet-based provider of retirement plan administration to financial institutions, announced today the launch of Solo(k), its fully automated administration and record keeping product for one person 401(k)s. Solo(k) takes advantage of regulatory reform and the Internet to enable the nearly 18 million sole proprietorships in the U.S. to contribute significantly more of their earnings -- up to $41,000 annually -- towards retirement.

ExpertPlan’s Solo(k) is a cost-efficient alternative that allows owner-only businesses to shelter more income than any traditional defined contribution plan. Completely turnkey, Solo(k) provides financial services professionals with all IRS-compliant documentation, reporting, testing, a full 401k daily valuation recordkeeping system, and marketing and sales support. ExpertPlan’s proprietary online recordkeeping program not only reduces the administrative burden for the financial professional selling the plan, but reduces overall operating costs.

”Financial service firms are eager to tap into the opportunity created by the government pension reform enacted last year,” said Steve Benson, director of business development, ExpertPlan. “Solo(k) is proven and ready to go. Already, a number of our financial services partners have signed on for the product and since the beginning of the year, have sold plans to their clients.”

The cost of product setup to the mutual fund company or a broker dealer is minimal. The Solo(k) product is customizable so that it integrates with the financial service company’s brand and investment products. ExpertPlan is able to prepare a customized product in as little as 30 days. The Solo(k) web page may also serve as a cross selling tool for other products offered by the financial services firm.

“A one person 401(k) plan was not viable until 2002,” said Benson. “But, the reforms in pension laws have changed that. What’s more, the Internet is the perfect vehicle for this type of product; it affords financial professionals to, in turn, sell an affordable plan with all the benefits of a ‘big business’ plan,” Benson continued.

There are almost 18 million sole proprietorships in the U.S., which account for nearly one trillion dollars in annual revenue.

Source: www.BizStats.com -- $1 trillion is gross revenues generated by sole proprietors.


ExpertPlan www.expertplan.com is a leading Internet-based provider of retirement plan solutions, which enables financial professionals to offer high-quality, low-cost retirement plans to meet the needs of their clients. ExpertPlan's web-based "self service'' model empowers plan participants to manage their own accounts, which eliminates third-party errors, and reduces costs and the administrative burdens on the financial professional and the employer. The company has alliances with over 50 fund families, and provides services to leading financial companies across the U.S. ExpertPlan was founded in 1999 by core members of the information systems management team from one of the world's largest financial services corporations, and is located at 50 Millstone Road, Building 400, Suite 100, East Windsor, NJ 08510, 609/918-2500.

For more information: http://www.expertplan.com

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