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Retire4one Solo(k) Requirements

In order to have a Solo(k) Plan with Retire4one, these are the requirements for setting up a plan with our office. Before you proceed with this set up, please make sure that you meet the following requirements:
- You have an established business with an Employer ID Number (EIN) An Employer Identification Number (EIN) is essential for identifying your business entity to the IRS. To obtain an EIN, you can apply online via the IRS's official website, which is the preferred method. The online application is straightforward, requiring the responsible party's valid Taxpayer Identification Number (SSN, ITIN, EIN). Once the application is completed and validated during the online session, the EIN is issued immediately. This service is free of charge through the IRS.
- Your established business entity type that is allowed to have a 401(k) Your business must be of a type that is eligible for a 401(k) plan. This typically includes most types of businesses as long as they are legally recognized and properly registered.
- You have no employees Solo(k) plans are specifically designed for self-employed individuals or business owners with no employees, making it a streamlined option for solo entrepreneurs to save for retirement.
- You do not own any other businesses that have employees If you own other businesses, they must not have employees to qualify for a Solo(k) Plan. This ensures the plan remains exclusive to solo entrepreneurs.
- If you have an existing Solo 401(k) Plan, it does NOT contain life insurance, real estate, or other outside investment items If transferring from an existing Solo 401(k), ensure it does not include prohibited investments such as life insurance or real estate. The Solo(k) Plan is intended for more traditional investments to secure your retirement.
Items to have on hand before continuing - Please see the list of items below to have on hand prior to beginning. If you are completing this for a client, you can skip any item and that will be forwarded to the client for completion.
- Business EIN Your Business EIN is a unique identifier for your company in the IRS records.
- Company NAICS Code What is NAICS code for small business? NAICS codes classify businesses based on the particular product or service they supply. A business will generally have a primary NAICS code, but it can also have multiple NAICS codes if it sells multiple products and services. To find your NAICS code, view the NAICS code list at the U.S. Census Bureau.
- If Existing Solo(k) Plan
  - Copy of Plan Document (Upload electronic copy)
  - If over $250,000 in plan assets, an electronic copy of the most recent Form 5500 EZ.
Don't have a business set up yet?

Setting up a business involves registering your business with your state's agency and obtaining an EIN from the IRS:

Register Your Business: Begin by registering your business with your state. This is typically done through the Secretary of State's office or a similar state agency.

Get an EIN: After setting up your business, you'll need to obtain an Employer Identification Number (EIN) for tax and financial purposes. IRS EIN Application

Note: Make sure to consult with a tax or legal professional to determine the best entity type for your specific situation.

If you meet these requirements, please click ‘Next’ to continue setting up a Solo 401(k) Plan.

Who is setting up this Solo(k)?
WHO IS SETTING UP THIS SOLOK
What's your relationship to the owner?

What is your business entity type?
What is your business entity type?

Sole ProprietorPartnershipC-CorpS-CorpLLPLLC Taxed as Sole ProprietorLLC Taxed as PartnershipLLC Taxed as CorporationOther
If other, please indicate other entity type
FTW ENTITY TYPE
Based on the information you entered above, it appears that you have either an:

S-Corp

C-Corp

LLC taxed as an S-Corp

LLC taxed as a C-Corp

K1 income does not qualify as retirement plan compensation, clicking 'Next' will confirm that you have W2 income.

Does your company have any employees?
DOES YOUR COMPANY HAVE ANY EMPLOYEES
To participate in our Retire4one Solo 401(k) your business may not employ any:

Employees that have been employed for longer than 12 months AND they have worked greater than 1,000 hours in any calendar year (even prior to setting up a retirement plan)

or

Employees that have worked greater than 500 hours in 2 consecutive years

By clicking 'Next' you confirm that you have no employees that match either of these conditions

Do you or any partners own any other businesses?

Only you, the Business Owner, and your spouse or business partners can participate in a Solo 401(k)
DO YOU OR ANY PARTNERS OWN ANY OTHER BUSINESSES
Do any of these companies form an Affiliated Service Group (ASG) or are a member of a Controlled Group of Corporations?

Affiliated Service GroupControlled Group
List the names of the companies that form an Affiliated Service Group
List the names of the companies that form a Controlled Group
To participate in our Retire4one Solo 401(k) your business or any of the businesses you listed above, may not employ any:

Employees that have been employed for longer than 12 months AND they have worked greater than 1,000 hours in any calendar year (even prior to setting up a retirement plan)

or

Employees that have worked greater than 500 hours in 2 consecutive years

By clicking 'Next' you confirm that you have no employees that match either of these conditions

How many owners are there?

If adding a Spouse, include them as one of the owners
HOW MANY OWNERS

Owner 1
Owner 1
Full Name
Percent Owned

Owner 2
Owner 2
Full Name
Percent Owned

Owner 3
Owner 3
Full Name
Percent Owned

Owner 4
Owner 4
Full Name
Percent Owned

Business Information
Legal Business Name
Employer Identification Number
This cannot be your SSN
Business Address

Street Address

Street Address Line 2

CityState

Zip Code
Business Email
example@example.com
Business Phone Number
Please enter a valid phone number.
NAICS Code
Date of Business Commencement

MonthDayYear
Date
Fiscal Year End

Does this business currently have a Solo(k) Plan?
DOES THIS BUSINESS CURRENTLY HAVE A SOLOK
Is the total value of all accounts greater than $250,000 as of the last December 31st?

(including any outstanding loan balances)?
IS THE TOTAL VALUE OF ALL ACCOUNTS GREATER THAN 250000
The IRS requires Solo(k) Plans whose assets are greater than $250,000 to begin filing the annual Form 5500 EZ
Please upload a copy of your Form 5500 EZ here:

Cancelof
Since there is a Solo(k) in place, we will need a few pieces of information regarding the existing plan.
We will need to receive a copy of the current Plan Document or Adoption Agreement for your prior plan.
Please upload a copy of your current Plan Document/Adoption Agreement to our office here:

Cancelof
Please locate the following pieces of information from your Plan Document: 'IRS Plan Number' and 'Original Effective Date'

Please note that your plan document might not match the example below
IRS Plan Number
Original Effective Date of your previous Solo(k)

MonthDayYear
This is the date the Plan originally began
Who is your prior recordkeeper?
Prior Recordkeeper Email
example@example.com
Prior Recordkeeper Phone Number
Please enter a valid phone number.
How many retirement plans have ever been set up for this business? ie cash balance, defined benefit, prior 401(k) etc.

Send for signature

Who is the signer?
Primary Day to Day Contact
Full Name
Primary Day to Day Contact Email
Primary Day to Day Contact Phone Number
Signer Full Name
Signer Email
example@example.com

Review Information Before Submission

Please double check your submission information here. If anything looks incorrect use the 'Back' button to navigate to the section that requires editing
Owner Information

Business Information

Business Name	{legalBusiness}
EIN	{employerIdentification}
Business Address	{businessAddress}
Business Email	{businessEmail}
Business Phone Number	{businessPhone}
Date Business Commenced	{dateOf}
Fiscal Year End	{fiscalYear}

Plan Information

Currently have Solo(k)	{doesThis}
IRS Plan Number	{irsPlan}
Original Effective Date	{originalEffective}
Year Setting up for	{}
Prior Recordkeeper	{whoIs86}
Prior Recordkeeper Email	{priorRecordkeeper}
Prior Recordkeeper Phone	{priorRecordkeeper88}

If all the information entered is correct, either send for signature or submit

Send for Signature

The signer will receive this form right where you left off, and are allowed to review and edit before final submission

Submit

The information will be sent to Retire4one, where we will generate your Solo(k) documents and send them to you for signature
Should be Empty:

Owner 1	{owner130}
Percent Owned	{percentOwned1}

Owner 2	{owner2}
Percent Owned	{percentOwned2}

Owner 3	{owner334}
Percent Owned	{percentOwned3}

Owner 4	{owner4}
Percent Owned	{percentOwned4}

Who is setting up this Solo(k)?

What is your business entity type?

Does your company have any employees?

Do you or any partners own any other businesses?

How many owners are there?

Business Information

Does this business currently have a Solo(k) Plan?

Is the total value of all accounts greater than $250,000 as of the last December 31st?

Send for signature

Review Information Before Submission

Owner Information

Business Information

Plan Information