Check Book Control
The Solo 401(k) Plan offers check book control of all of your retirement investments. You are the Trustee of your retirement plan with the ability to choose your investments and act upon them instantly. Like the Check Book IRA LLC, you can move quickly to take advantage of the various real estate opportunities as well as other non-traditional retirement investments.
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Check Book Control
Check book control is very important for your investments and the Solo 401(k) provides that. Since you don’t have a custodian or a trustee, and you can be the 401k plan administrator, you simply open up an account at a local bank– we have a handful of banks: Wells Fargo, anyway… You basically go in and open up, it’s in the trust department, and you open a checking account and that account is in the name of the Solo (k) business. So, for example, if it’s Steve’s Lawn Mowing Business, or something, it would be the Solo 401(k) for Steve’s Lawn Mowing Business. So it belongs to the 401(k) and you’re the plan administrator. You simply write the checks; you don’t have to get approval from anybody else, as far as getting any checks– you have that check-writing ability. You are the plan administrator. That’s an enormous advantage in making instant investments and it is one of the advantages of the solo 401(k).