The man who first helped sell the 401(k) savings plan to the Reagan administration has died after an extensive battle with cancer.
Edwin T. Johnson, 82, of Newtown, Pa., passed away Aug. 23. Johnson, the founder and CEO of the Johnson Cos., was one of the key figures in crafting the defined contribution retirement tool which was eventually adopted by the federal government.
Bloomberg reports on the series of innovations made by Johnson which led to the development of the 401(k), first positioned as a way to take care of that particular numbered section of the IRS tax code.
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