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Ted Talks! The Benna401k Comes Alive
Fiduciary News; free registration required Link to more items from this source
Sept. 19, 2017
"[Three designs] eliminate the complexity and the cost of the traditional 401k. They remove the requirement to have a plan document, to have a summary plan description, to have to file 5500 form, to have all this paperwork when employees terminate. All that disappears.... The easiest, Model One, has absolutely no rules.... [It] could be offered to all employees. All employees to be given the opportunity to make contributions via payroll deduction. It could have an employer contribution, either match or otherwise, but it doesn't have to. It has absolute total flexibility.... There is technically no plan in Model One, so there isn't a plan sponsor. The amount that the employee can get a tax break is less than what they can get with the standard 401k.... The closest [example] is what the states are moving into doing with the mandated payroll deduction IRA programs."

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