BOSTON - Manulife introduced a retirement plan for owner-only businesses on Monday.
The plan, Individual(k), is designed to help owners establish and maintain individual 401(k) plans with variable annuities.
Robert T. Cassat, the president of Manulife Wood Logan, Manulife's distributing and marketing arm, said the individual 401(k) market is one of the fastest-growing segments; it caters to more than 17 million self-employed business owners.
The Individual(k) plan can be self-administered by the business owner, administered by an independent third-party administrator, or by Bisys.
Manulife Financial managed $92.5 billion at Dec. 31.
