A 401(k) Card
David Vise reports in the Washington Post on Francis Vitagliano and his 401(k) card. Vitagliano worked with an MIT professor, the late Franco Modigliani to patent the idea over ten years ago.
Vitagliano's and Modigliani's patent (5,206,803 - System for enhanced management of pension-backed credit
) has been licensed by ING and is scheduled to be introduced at a conference tomorrow.
The credit card industry is not opposing the card's introduction, in part because the first 401(k) card will be a Visa card. In addition, ING is willing to sub-license the rights to the product to other financial services firms, which means that eventually there may be 401(k) American Express and MasterCards too.
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