John James, age 56, is the owner of The James Company and has a salary of $110,000. The average age and salary of the other 10 employees are 34 and $32,500, respectively. The company can afford a contribution of $109,000. John's goal is to obtain the maximum percentage of the contribution for his benefit while at the same time minimizing administrative costs.

Which one of the following plans would achieve John's goal?

money purchase

defined benefit

401(k)

target plan