RolloverSystems Welcomes "Father Of The 401(k)" To Advisory Board Of Rollover Solutions Provider
401(k) Creator Ted Benna Brings Unparalleled Expertise, Visionary Thinking To Developer Of 401(k)-To-IRA Rollover Platform
CHARLOTTE, N.C. (January 22, 2004) – RolloverSystems Inc. announced today that Ted Benna, best known as "the father of the 401(k) plan" and a nationally recognized expert on retirement issues, has joined the company's board of advisors.
Benna, who created and gained IRS approval of the first 401(k) savings plan in 1982, is president and founder of the 401(k) Association and has authored four books on the topic of 401(k) plans and retirement planning. Among the many accolades he has received for his work, Benna received the 2001 National Jefferson award for greatest public service by a private citizen and was named one of eight individuals selected by Money Magazine for its special 20th Anniversary Issue Hall of Fame.
"The 401(k) plan became the primary retirement savings vehicle for American workers because it provided them with a relatively simple and painless way to sock away a nest egg for the future," Benna said. "But changes in the workplace -- including the increasing frequency of job and career changes throughout an individual's working life -- require creative new solutions to help workers stay on the path to a financially secure retirement. There's no better example of this type of innovative thinking than the 401(k) rollover solution developed by RolloverSystems."
RolloverSystems created the first and only 401(k) rollover tool that matches 401(k) plan participants with top-tier financial institutions offering competing Individual Retirement Account (IRA) products and services. Launched in March 2003, RolloverSystems' Web-enabled online financial network provides plan participants with the fastest, easiest and smartest rollover option available today including access to leading financial institutions. RolloverSystems' proprietary technology allows a 401(k) plan participant to go online to www.rollovermarket.com or www.CareerBuilder.com, fill out a simple form, receive IRA offers from among competing financial institutions, then complete the application and approval process -- all in as little as 25 minutes.
In a typical year, an estimated 14 million Americans with 401(k) plans change jobs. Faced with the hassles involved in rolling over their savings the traditional way, many workers simply "cash out" their savings, thereby nullifying years of retirement planning efforts. For workers who choose to cash out, taxes and penalties alone can wipe out 40 percent of total 401(k) assets; in addition, workers lose the future growth potential of their invested savings.
"We are honored to welcome Ted Benna to our advisory board," said Reginald Bowser, founder, president and chief executive of RolloverSystems Inc. "In the same way that Ted simplified the retirement savings problem for millions of American workers, RolloverSystems is simplifying and streamlining the process of moving retirement assets from a former employer's 401(k) plan to an IRA so those hard-earned dollars can continue to grow on a tax-deferred basis after a worker has changed jobs. As we move forward, we will benefit greatly from the unparalleled expertise and visionary thinking that Ted brings to our endeavors."
The growing list of financial institutions offering retirement investments through the RolloverMarket Network includes Merrill Lynch, J.P. Morgan Chase & Co., TDWaterhouse Investor Services and Harrisdirect.
