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Please contact Pension Inc. to learn how a Solo(k) plan can help meet your retirement goals.
A Solo(k) plan is a traditional 401(k) plan covering a business owner with no employees; or covering that person and his or her spouse. It can be a powerful planning tool with its high contribution limits and flexible investments. A Solo(k) must be established by the end of the employer’s tax year and funded by the employer’s tax return due date, plus extensions. This type of plan typically results in low administrative expenses as it is not subject to full compliance testing and reporting. Plans should be established with the intent of ongoing funding.
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Third Party Administrator (TPA) Services
As your TPA, Pension Inc. will provide you:
• Account setup and generation of all plan legal documents
• Dedicated Pension Inc Account Executive for the Plan
• Fast and courteous answers to your questions
• Complete retirement plan consulting
• Determination of plan contributions via sponsor provided earnings for tax year
• Technical administration, required governmental filings, and regulatory compliance
• Implementation of periodic plan amendments due to law changes and mandatory restatements
New Plan Setup & Plan Costs
A Solo(k) must be established by the end of your tax year. Your signed intent to adopt the plan and contribute employee deferrals to the plan must be on file with Pension Inc. no less than 15 business days before the last day of your fiscal year to make your plan exist for your current tax year. Plans with documents received after the date are not guaranteed to be established by year end and may result in rush processing fees.
To begin setup, review the document below to learn more about Pension Inc. fees and services and to start the plan installation.
Plan Installation Application
Deposit Limits and Deadlines
Total contributions depend on annual plan limits and your net business income. Negative income means no Employee Deferral (Pre-tax or Roth 401k) or Employer (Profit Sharing) contributions can be made. Clients typically consult with their tax advisor regarding allowable contributions, but Pension Inc. can also assist with contribution calculations.
Deadline for your deposits depend upon whether you file as a Corporation or a Self-Employed business (Sole Proprietorship/Single Member LLC).
|C-Corporation/S-Corporate Deadline||Self-employed/Sole Proprietor/Single Member LLC Deadline|
(Pre-tax or Roth 401k)
|Filing deadline for business, including applicable extension||Filing deadline for business, including applicable extension|
Plan Types and Features
When you establish a Solo(k) plan with Pension Inc., you have the option to set up as a Daily-Traded plan on our open architecture platform with Mid Atlantic Trust Company, or as an Outside Brokerage Account.
|Daily Traded on Pension Inc. Platform||Outside Brokerage Account|
|Investment Options||Pension Inc. has access to trade over 25,000 mutual funds and ETFs; funds that are traded at Net Asset Value (NAV). We verify the availability of your chosen funds and establish accounts accordingly.||You work with your selected Financial Advisor to establish the account in the name of the plan. Pension Inc. is then listed as an interested party and provided brokerage statement copies for reconciliation and plan reporting.|
|Investment Restrictions||New plans cannot establish accounts in American Funds A shares or closed Funds.||Refer to your advisor for any account investment restrictions.|
|Plan Loan Availability||Yes – Contact Pension Inc.||Yes – Contact Pension Inc.|
|Plan Interaction / Internet Account Access||We provide you and your selected Financial Advisor (upon request) with Internet access to your plan account. Site features include ability to view balances, run reports, and process transfers.||All transaction interaction is directly with your advisor of record.|
You are encouraged to contact Pension Inc. with questions on the current year’s limits or to assist with determining maximum employee and employer contributions.