Ted Benna is commonly referred to as the “father of 401(k)” due to creating and gaining IRS approval of the first 401(k) savings plan.
He grew up on a Pennsylvania dairy farm. His dad gave him is own cow when he was seven years old, to take care of and raise to start earning a little money from a young age.
He's spent most of his career helping people to plan their retirement. While working at the Johnson Companies in 1978, Congress passed a small addition to the tax code section 401. Benna thought of the idea to add incentive by having an employer match the employee contribution in the new 'k' paragraph.
He has received many citations for his accomplishments, and has authored four books, the latest of which is 401(k) for Dummies.
Watch this episode and more with a PCN Select subscription!