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The Truth About Personal Finance (Collection) by Kay S. Bell, Steve Weisman

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Truth 24. 401(k)

Although it may seem like it has always been around, Section 401(k) of the Internal Revenue Code was passed in 1978. For one of the most powerful retirement savings vehicles available today, it does not have a very fancy name. It did not even have a sponsor in Congress eager to have his name associated with it, as in the case of the Roth IRA. It is just the 401(k).

If the 401(k) did have a name associated with it, it would be that of Ted Benna, a man of incredible vision who was able to crack the Internal Revenue Code and turn an innocuous provision, 401(k), into the basis of a retirement revolution. In 1980, he used the law to set up the first pretax salary reduction, employee contribution, company match, retirement ...

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