Pacific Life Launches Individual(k) Program
NEWPORT BEACH, CA, September 15, 2004 -- Pacific Life Insurance Co. today launched the Pacific Life Individual(k) Program, a cost-effective 401k designed exclusively for self-employed business owners and their spouses.
The Pacific Life Individual(k) Program offers Portfolio Optimization Funds -- five asset allocation "fund of funds" to help investors diversify among management companies as well as investments.
The program allows investors funding flexibility, asset allocation and cost-effective administration. Another key feature is tax-deductible contribution limits of up to $41,000 annually.
"Because individual(k) plans have significantly higher contribution limits than most traditional retirement plans, the Pacific Life Individual(k) Program puts self-employed business owners on the fast track to reaching their retirement goals," said Kathleen Hunter, vice president of marketing, Annuities & Mutual Funds Division. "Our program makes it easy for them to take advantage of all the plan features and benefits usually available only through large corporations."
Individual(k) plans emerged in 2002 as a result of the Economic Growth and Tax Reconciliation Act of 2001, which made substantial changes to the laws governing qualified retirement plans. According to the Financial Research Corp. in 2004, by year-end 2003, the individual(k) plan market had already topped $1 billion in assets.
About Pacific Life
Founded in 1868, Pacific Life provides life and health insurance products, individual annuities, mutual funds, group employee benefits, and offers to individuals, businesses, and pension plans a variety of investment products and services. A FORTUNE 500(R) company, Pacific Life counts 25 of the 50 largest U.S. companies as clients(a) and is a member of IMSA (Insurance Marketplace Standards Association), whose membership promotes ethical market conduct for individual life insurance and annuities. For additional information about Pacific Life, including its current financial strength ratings from A.M. Best, Fitch Ratings, Standard & Poor's, and Moody's, visit the company Web site at www.PacificLife.com.
(a) Data compiled by Pacific Life using the 2004 FORTUNE 500 list, as of April 2004.
###
This is a press release provided by the company or its representatives. 401khelpcenter.com, LLC is not the author of this release and is not associated or affiliated with any firm or organization mentioned unless otherwise noted. Use of any information obtained from this release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by 401khelpcenter.com, LLC.
