Be Your Own Trustee
Many ask, “Do I need a Trustee for my 401(k)?”. The short answer is no. Is there a custodian required? No. You may be the trustee or custodian of your Solo 401(k) plan for your business. Obviously this saves on the costs of the plan trustee.
Call 1-800-482-2760
Click to OPEN Transcript
Be Your Own Trustee
No Custodian Required. It’s nice not having to have a custodian or a trustee. In a 401(k), you are the plan administrator, so there is no requirement for a trustee. You just have to have an account at a bank. So you are the plan administrator, so you make all the reporting; but there’s really no reporting to be done. Normally the custodian takes care of all that. But in this place, until the plan reaches a value of $250,000, there is no reporting to the IRS on an annual basis. None. Now you get some issues whenever you start taking distributions, and so forth, but the reporting is just negligible and, as a result, as plan administrator, your job is a lot easier.