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) private pension 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.

Step 2
Once we have your information, including the info on your company, which will serve as the plan sponsor, we can get to work creating the Solo 401(k) plan documents. We create proto-type customized plans, so it generally will take us several days to get all the plan paperwork in order.

Step 3
Once we’re finished with the plan paperwork, we will email the plan docs to you, and also FedEx a binder with all the plan paperwork. Once you receive the binder, we’ll walk you through what needs to be signed, and answer any questions about the docs.

Step 4
Once the plan documents have been executed, we’ll introduce you to one of the bankers we work with at Wells Fargo, or one of the other banks we work with, so that you can open a bank account for the Solo 401(k) plan. 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 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 provide you rollover and transfer forms so that you can instruct your current IRA Custodian or other plan administrator to roll over or transfer your accounts to the new Solo 401(k).

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, the Custodian/Administrator will send a check or bank wire, which will be deposited 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’ll see below, 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. 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.

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What You Get in Your Plan

  1. Solo 401k Adoption Agreement
  2. Solo 401k Basic Plan Document
  3. EGTRRA Amendment
  4. Solo 401k Summary Plan Description
  5. Trust Agreement
  6. Appointment of Trustee
  7. Action by Board of Directors
  8. Beneficiary Designation
  9. Solo 401k Loan Procedure
  10. Solo 401k 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. Free tax and ERISA support on the Solo 401k Plan structure
  16. Direct access to our on-site retirement tax professionals
  17. 100% Satisfaction Guaranteed!
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