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Part: 1 The Basics: What You Need to Know - Pg. 1

1 Part 1. The Basics: What You Need to Know It all began back in 1980 when a young benefits consultant by the name of Ted Benna was mulling over some technical documents called the Revenue Act of 1978, which had been passed by Con- gress two years earlier, and ERISA--the Employee Retirement Income Security Act of 1974. After a bit of research, Ted concluded that the Revenue Act of 1978 actually laid the groundwork for a new type of savings vehicle. The key lay right in front of him in Section 401, paragraph (k) of the Internal Revenue Tax Code ( IRC). Ted's insights gave birth to what is fast becoming the most popular retirement savings vehicle in America--the 401(k) Savings Plan. More importantly, thanks to Ted and the thousands of employers who sponsor 401(k) plans, millions of Americans will be able to achieve their retirement dreams. You can't sing the song unless you know the lyrics. Hum along with us now as we teach you the words to one of the world's most popular songs,"We're in the money ... We're in the money ..."