Word: benna
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...plan--named for a section of the Internal Revenue Code--came about thanks to a 1978 congressional provision intended to offer taxpayers breaks on deferred income. In 1980, while trying to streamline a client's profit-sharing plan, benefits consultant Ted Benna realized that the code could be used to create an easy, tax-friendly vehicle for employees to save for retirement. The client passed, but the idea took off: there are now more than 65 million 401(k) accounts, which allow participants to invest in stocks and bonds, often with matching funds from employers--all at a lower cost...
...spark for last week's chaos came on Oct. 27, with the deaths of two teenagers from the jumble of apartment blocks that make up Clichy-sous-Bois. Bouna Traore, 15, of Malian origin, and Zyed Benna, 17, whose parents are Tunisian, thought they were being chased by police. When they took refuge with a third teenager in the relay station of a high-voltage transformer, Traore and Benna were electrocuted. Locals blamed overzealous policing for the deaths, although an official inquiry late last week found that there had been no pursuit. That evening an angry group demonstrated in front...
...Benna is a retirement-planning consultant to businesses
...Harbor, the fall of the Berlin Wall--these are moments that the world builds monuments to or that we do individually, in our hearts and minds. Then there are the ones whose importance we understand in retrospect. You didn't mark it in your diary when benefits consultant Ted Benna devised the 401(k)? Neither did we. On the day in 1938 that oil was discovered in Saudi Arabia, the king was unimpressed because he had been hoping to find water. Then there are the days whose weight we still don't know how to gauge. Over the long...
...protagonists who would become famous, as in the case of James Watson and Francis Crick, who figured out the structure of DNA, an event celebrated in this issue, but we have identified some consequential days that may take you by surprise, like the Saturday in 1980 when accountant Ted Benna found an important opportunity in an obscure tax-code section called...