individual

Major mutual fund and investment management companies now offer self employed individuals 401k plans that are easy to install and administer at very low cost. What's more independent contractors and small business owners can borrow part of their retirement savings tax-free and penalty free by taking advantage of a loan provision in these new plans. Depending on who's offering them, these individual plans are sold under different trademarked names such as (solo 401k, uni-k plan, personal(k), one person 401k, mini-401k, solo-owner 401k, etc...)