PATA Pension Administration and Trust Accounting
The SOLO 401(k)
The Solo plan is a great plan for individuals who do not employ any employees and don't expect to having any in the foreseeable future. It's easy to setup, inexpensive to operate and maintain, and allows the plan sponsor the best way to save for their retirement.
Thanks to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) small businesses (whose only employee is the owner) can open and contribute to a self-employed 401K plan. Finally, a great tax break strictly geared to benefit the smallest business owners! On top of the tax break, the self-employed 401K offers other benefits for small business owners.
We are in the business of establishing and maintaining retirement plans, have been since 1983. The Solo plan is a straightforward plan for the individual who has no eligible employees besides his/herself. It allows for larger annual retirement plan contributions than the SEP or traditional profit sharing plan. It is in our eyes a great plan for the owner only business.
SOLO 401K plan features
The Plan Document that we use is an IRS approved Volume Submitter (prototype format) document. An approved document has been reviewed by the IRS and determined to be compliant with the IRS code governing pension plans. The benefit of the document we use is that if the IRS decides to amend the IRS code governing pension plans, your plan will automatically be covered! For this service, there is an annual document usage fee of $150/year. It is a fee to maintain the plan's document on our system. Unless you have an annual administration performed that $150 fee would be all it will cost to maintain your plan from year to year!
How to Establish a Solo with us?
To establish a Solo for a one-time low cost setup fee of $350*, click on the “Solo Application” button above, complete the forms, and submit. That’s it! Your application will be processed and your plan documents will be returned to you via email in pdf format within 24-48 hours (usually the same day).