PLEASE NOTE: By establishing a Solo 401(K) Plan you are in fact establishing a full-fledged 401(K) plan. This plan must be run according to the plan’s document. In the future, should your business grow, resulting in the addition of additional employees, those additional employees must be included and allowed to participate in the plan if they meet the eligibility requirements adopted here in. If you are unsure what is meant by this statement, please do not hesitate to contact PATA for further clarification.
PLAN DESIGN: PATA's Solo 401(k) plan design opens up all the desired features that people look for in the Solo 401(k) plan. Due to the default nature of the design the plan documents can be returned quickly, usually same day. All plan paperwork will be returned to the contact person via e-mail in pdf format. PAYMENT is due upon submission using the e-check fields at the end of the form.
COST: To establish a plan using PATA's Solo 401(k) plan costs a one time fee of $350. This fee covers the plan document and supporting documents. Annually there is a "document usage fee" of $150 which pays to maintain your plan on PATA's document system Thsi document fee also covers the cost of any IRS "snap-on" amendments which are required to be prepared to maintain the plan's compliance status in the eyes of the IRS. The document fee is invoiced at the begining of the year and starts the year after the initial plan year.
IRS FORM 5500: The IRS form 5500 is a tax return that Solo plan's must file IF the plan's total assets as of the end of the plan year (including contributions considered receivable at year end) exceeds $250,000. PATA offers a service to prepare the form 5500 on the plan sponsor's behalf.