Ted Benna, long known as the “father of the 401(k) plan,” has reinvented the wheel for small businesses that struggle to afford a retirement benefit offering. Three new low-cost plan models are explained in a do-it-yourself guide featuring both a Schwab and a Vanguard version that sells for just $8.99. He’s also offering a hand-holding option for $100 for firms that need technical support.
While acknowledging this approach isn’t lucrative enough to pique the interest of retirement plan advisers, he believes it will strongly appeal to brokers who sell voluntary benefits and want to provide added value to their small-businesses clients.
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