Adopting a Solo 401(k) Plan with IRA Financial Group

October 12th, 2017

IRA Financial Group will help you set-up your Solo 401(k) plan quickly, professionally, and economically. The IRA Financial Group’s on-site tax and ERISA professionals will personally customize your Solo 401(k) Plan to fit the needs of your business as well as satisfy your retirement and tax planning goals.

Once you have decided to establish a Solo 401(k) Plan, the IRA Financial Group will make the process of adopting the Plan simple and straightforward.

  • Adoption Agreement: The Adoption Agreement is the operating document that adopts the Qualified Retirement Plan. The IRA Financial Group’s retirement tax professionals will review the Adoption Agreement with you, complete all requested information, and make appropriate elections where required.
  • Basic Plan Document: The Basic Plan document is the Prototype Plan and Trust document that sets forth the rules of the Solo 401(k) Plan. The IRA Financial Group’s retirement tax professionals will review the Basic Plan document with you so that you have a full understanding of all the provisions of the plan.
  • EGTRRA Amendment: In the case of any amendment to the plan documents required by Economic Growth and Tax Relief Reconciliation Act (EGTRRA), the Plan sponsors must make good-faith efforts to amend their plans accordingly. The IRA Financial Group will provide you the necessary documents to amend the Plan documents as required by law.
  • Summary Plan Description: The Summary Plan Description summarizes the important features of the Plan document, including your benefits and obligations under the Plan. The IRA Financial Group’s retirement tax professionals will review the Summary Plan Description document with you so that you have a full understanding of all the provisions of the plan.
  • Trust Agreement: The Trust Agreement contained in the Basic Plan documents sets forth the responsibilities and duties of the trustee. The IRA Financial Group’s retirement tax professionals will review the Trust Agreement with you so that you have a full understanding of all the provisions of the Agreement.
  • Appointment of Trustee: The Adoption Agreement appoints the person that will serve as trustee of the Solo 401(k) Plan. Typically the owner of the entity is appointed as trustee. The IRA Financial Group’s retirement tax professionals will help you understand all matters relating to serving as Trustee of the Plan.
  • Beneficiary Designation: As part of establishing a Solo 401(k) Plan, you will need to designate primary and contingent beneficiaries of your Solo 401(k) plan in the case of your death. The IRA Financial Group’s retirement tax professionals will help you understand all relevant issues relating to the designation of beneficiaries.
  • Loan Procedure: The Basic Plan documents will allow you to use a loan from your Solo 401(k) Plan for any investment purposes, including real estate, funding your business or a new business, tax liens, private placements, etc.The Basic Plan document allows participants to borrow up to $50,000 or 50% of their account value (whichever is less) for any purpose. The IRA Financial Group’s retirement tax professionals will help you understand the procedures for establishing a loan and offer guidance on using the loan as a tax planning strategy.
  • Loan Documentation: The Basic Plan documents include all the loan documentation required to take a loan from your Solo 401(k) Plan, including a Loan Application form, Lending Disclosure Statement, and Loan Agreement. The IRA Financial Group’s retirement tax professionals will help you understand all the loan documentation with respect to the Solo 401(k) Plan.
  • Transfer Request Forms for incoming funds transfers: The Plan documents include Transfer Requests forms to assist you in transferring funds from your current trustee or custodian. The IRA Financial Group’s retirement tax professionals will help you understand all the transfer rules relating to establishing a Solo 401(k) Plan and will help you determine the most tax advantageous manner for transferring funds.
  • Newly assigned Employer Identification Number from the IRS: The IRA Financial Group’s retirement tax professionals will acquire an Employer Identification Number from the IRS for your Trust that will hold the Solo 401(k) assets.
  • IRS Determination letter stating that this is a Prototype Plan that meets the requirements of a qualified plan: The Basic Plan documents will include an IRS Determination letter stating that this is a Prototype Plan that meets the requirements of a qualified plan.

What do I need to get Started?

IRA Financial Group will take care of everything. The whole process can be handled by phone, email, fax, or mail. Our expert tax and ERISA professionals are on site greatly reducing the set-up time and cost. Most importantly, you will find that our fee for this service is significantly less than other companies that perform the same or similar services.

Please contact one of our Solo 401(k) Experts at 800-472-0646 for more information.

IRA Financial Group Facebook pageIRA Financial Group Twitter pageamazon-logoIRA Financial Group Tumblr pageIRA Financial Group Pinterest page