Waddell & Reed has introduced a 401(k) plan for the self-employed. Called Exclusive(k), it is meant to be simpler to manage than traditional 401(k)s, according to the firm.

Waddell & Reed created the new product due to changes in the Tax Relief Reconciliation Act of 2001 that increase contributions to 401(k) plans of all sizes, according to Debra Zipp, assistant vice president of retirement plans sales management at Waddell & Reed. "Due to the separation of employee and employer contributions, it is now more advantageous for owner-only employers to set up a 401(k) for themselves," Zipp said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.