CORPORATE COMPENSATION PLANS ANNOUNCES A POWERFUL NEW FEATURE FOR SOLO" 401(k) PROGRAMS
Danbury CT., September 8, 2003 - Corporate Compensation Plans, Inc. (CCP) announced today that it will introduce a SOLO" 401(k) program that includes its patent-protected 401(k) Disability Protection Feature and will be administered by CNA Trust.
Philip Davis, CCPs President said, Sole proprietors can now put up to $40,000 a year into their 401(k) and profit sharing programs but, should they become disabled and unable to work, their contributions will stop. As a result, a disability can cause a catastrophic loss of retirement benefits." He went on to say, Our 401(k) Disability Protection Featuresm solves that problem as it will continue contributions into their retirement programs when they become disabled."
CCPs tax advantaged 401(k) enhancement - which is structured on the basis of recent IRS Private Letter Rulings - allows participants in 401(k) and profit sharing programs to purchase disability insurance in an amount equal to their program contributions. The premium can be paid from their pre-tax contributions without imputed income and, when they become disabled, the disability benefit is payable directly into their 401(k) and profit sharing accounts without any current tax liability.
Tracy Shaw, CCPs Executive Vice President commented, This means that sole proprietors who are contributing $40,000 a year to their 'solo retirement programs can purchase a $40,000 annual insurance benefit with their pre-tax contributions. Then, if they become disabled, $40,000 a year will be payable directly into their 401(k) programs and their assets will continue to grow just as if they were working." She added, As a result of this new 401(k) plan feature, sole proprietors can eliminate one of the largest threats to their financial security -- the fact that contributions to their retirement programs will stop when they become disabled."
Steven Zeiger, CCPs Vice President of Marketing said, A significant advantage of our new 401(k) feature is that it will be administered by CNA Trust. In addition to their position as a leader in the field of plan administration, their new product will allow sole proprietors to enroll on line and to have complete and immediate access to their 401(k) data on a 24/7 basis".
CCP expects to be able to actively market its innovative 401(k) feature within the next month.
-----------------------------------
Corporate Compensation Plans was founded in 1975 and designs and administers innovative employee benefit programs for many of the largest companies in the country.
|