A Legend Looks Back At the Breakthrough Of the 401(k)
April 28, 2008
Talk about a living legend brimming with institutional knowledge.
Ted Benna is the brains behind the entire mass-market mutual fund industry. While working as a tax accounting executive for the Johnson Cos. in the 1970s, a section of the IRS tax code about qualified retirement savings caught Benna's attention.
Without this 401(k) contribution spigot turned on in 1978, mutual funds would have remained investment vehicles for the very wealthy, and the hedge fund industry wouldn't have developed into one serving the ultra-high-net-worth.
Benna, known as the "Father of the 401(k)," and currently president of the 401(k) Association and chief operating officer of Malvern Benefits Corp., has been honored by numerous news outlets, including Money magazine, The Wall Street Journal and Defined Contribution News.
Please see "An Historical Persepective on the 401(k)", a special bylined contribution from Ted Benna.
(c) 2008 Money Management Executive and SourceMedia, Inc. All Rights Reserved.