Despite the unprecedented swings in the investment markets, there were many reasons to celebrate during the last quarter of 2018. One of the most impactful retirement plan offerings turned 40 in November and Pension Inc. celebrated a 30th anniversary in December.
The landscape of retirement planning changed when the 401(k) was created by the Revenue Act of 1978. This occurred four years after the Employee Retirement Income Security Act of 1974 (ERISA) was signed into law. The Revenue Act signed by President Jimmy Carter on November 6, 1978 led to the addition of section 401(k) to the Internal Revenue Code. This allowed employees to defer taxation on the portion of income they elected to save for retirement. Ten years later, Pension Inc. founder James Cooney worked diligently to create a retirement plan administration firm that would service the needs of plan participants, business owners and investment professionals by offering affordable and simplified retirement plan management. As Pension Inc. proudly celebrates supporting customers with their retirement goals for 30 years, we recognize the strong foundation of the retirement system must accomplish more and we remain committed to helping the industry expand opportunities for employers and workers to successfully save for their future.