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| Solo 401k |
"(a) By December 31, 2014, you shall finalize the development of a new retirement savings security that can be made available through employers to their employees.
This security shall be focused on reaching new and small-dollar savers and shall have low barriers to entry, including a low minimum opening amount. In developing this security, you shall ensure that it:
(i) protects the principal contributed while earning interest at a rate based on yields on outstanding Treasury securities;
(ii) offers savers the flexibility to take money out if they have an emergency and keep the same Treasury security if they change jobs; and
(iii) is designed to help savers start on a path to long-term saving and serve as a stepping stone to the broader array of retirement products available in today's marketplace.
(b) Within 90 days of the date of this memorandum, you shall begin work with employers, stakeholders, and, as appropriate, other Federal agencies to develop a pilot project to make the security developed pursuant to subsection (a) of this section available through payroll deduction to facilitate easy and automatic contributions."
Solo 401k Plan: Your Opportunity for Checkbook Control of Your Future
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