Wednesday, January 17, 2007

Austin Man Creates 401(k) Plan For The Homeless

AUSTIN, Tex. (Wireless Flash - FlashNews) – It’s hard to save for your retirement when you’re homeless, but one Austin man is trying to change things.

Bryan Uecker – who is president of a 401(k) administration firm – is now implementing a similar plan for indigent folks who hope to save up for their golden years.

Uecker’s plan is to give 25 buttons reading “free hugs” to Austin’s bums and letting them sell the buttons for two bucks apiece.

Once the homeless sell their buttons, Uecker sells additional buttons to them for a buck, and saves half of that in a special account in their name.

When the account reaches $1000, Uecker says the entrepreneurial bum can direct it towards a deposit on housing, clothing or their own bank account.

So far, Uecker says the homeless he’s talked with like the idea, but he admits that ice storms pelting the region are keeping them off the streets. He hopes the weather clears up before January 21, which is “National Hugging Day.”

He also hopes to get enough donations to provide matching funds to homeless who put their money in his accounts.

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