Setting Up a Solo 401(k)

What to Expect

Now we’ll talk about what you can expect when we create for you a specialized Check Book Solo 401(k) plan. We’ll discuss the steps in the process itself. You’ll have an idea of how long it takes, and we’ll give you some pointers about how to help us speed things along.

The Initial Paperwork


Step 1
Submit your Solo 401(k) application to us, which you can do online.

Step 2
Once we have your information, including the info on your company that will serve as the plan sponsor, we can get to work creating the Solo 401(k) plan documents. We create non-standardized proto-type customized plans, so it generally will take us a couple of days to get all the plan paperwork in order, register the plan with the IRS, and secure the plan’s new EIN.

Step 3
Once we are finished with the plan paperwork, we will send you the plan documents for an electronic signature. HelloSign allows you to securely and quickly execute the plan documents. We will set up a time for a review call and walk you through what you’re signing, and the purpose of each document.

Step 4
Once the plan documents have been executed, we’ll walk you through the next steps of opening a checking or brokerage account, and starting your rollover(s).  We can assist you with opening a hybrid checking/brokerage account with a large brokerage firm like Fidelity, Charles Schwab, TD Ameritrade, Interactive Brokers, E*Trade, or Scottrade.  We also work with a bank in Colorado named Solera Bank that has built a no-fee checking account specifically for a Solo 401(k).  Their online and mobile banking platforms are the best we’ve ever seen.  You can send bank wires online, make mobile deposits from your phone, and order cashier or certified checks online.  If you have another bank you’d prefer to work with, we’ll be happy to assist in any way we can.

The Funding or Rollover

Step 1
Most people don’t know it, but you can roll over or transfer Traditional, SEP, and SIMPLE IRAs to a 401(k). You can also roll over other 401(k), 403(b), TSP, and 401(a) plans to the new Solo 401(k) as well. Keep in mind, the only account you cannot roll into the Solo 401(k) is a ROTH IRA.

Step 2
Once the new Solo 401(k) is in place, we will walk you through the steps of rolling over your account(s).  Sometimes your current Custodian will have their own form that you’ll complete, while other times they won’t, in which case we’ll provide you with a customized rollover form.

Step 3
Once the rollover or transfer forms are submitted, it will generally take anywhere from 1-3 weeks for your current Custodian/Administrator to process the request and issue a check or bank wire.

Step 4
Once the rollover/transfer requests have been processed, your old Custodian/Administrator will generally send a check to you, that will be payable to the Solo 401(k).  You’ll take that check (or those checks) and deposit them directly into the new Solo 401(k)’s bank account. At this point, your setup is complete, and you are ready to invest!

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    We’ve been doing this for a long time, and as you’ve seen from the above statistics, we’ve helped a lot of people all over the world take control of their retirement account. As you get out there and start to invest, we’re here for you. If you need something, all you have to do is call. Our expertise is at your disposal and you can rest easy, knowing our expertise is at your fingertips. During the setup process, we’ll do the heavy lifting. We’ll guide you through each step and make sure everything makes sense. Our job is to manage all the moving parts, so that you don’t have to worry about missing something.

    What You Get in Your Plan

    1. Solo 401(k) Adoption Agreement
    2. Solo 401(k) Basic Plan Document
    3. EGTRRA Amendment
    4. Solo 401(k) Summary Plan Description
    5. Trust Agreement
    6. Appointment of Trustee
    7. Action by Board of Directors
    8. Beneficiary Designation
    9. Solo 401(k) Loan Procedure
    10. Solo 401(k) Loan Documentation
    11. Election Not To Participate
    12. Transfer Request Forms for incoming funds transfers
    13. Newly assigned Employer Identification Number from the IRS
    14. IRS Determination letter stating that this is a Prototype Plan that meets the requirements of a qualified plan
    15. An open-door policy for questions going forward
    16. Access to CPAs & Tax Attorneys familiar with the Solo 401(k)
    17. Direct access to our on-site retirement tax professionals
    18. 100% Satisfaction Guaranteed!
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    Redmond, OR

    Minneapolis, MN

    Scottsdale, AZ

    Call (800) 482 2760

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