Solo 401(k) plans can be a big mess

Ary Rosenbaum
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Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Solo 401(k) plans were a great opportunity for owner-employees to offer a plan for themselves (as well as their spouse).

The only problem is that they can be a disaster because of the lack of support most custodians give to their plan. Many of these plans may have missing plan documents, a lack of a signed document, and a lack of a restatement. Some of these plans could also have an issue regarding missing Form 5500s if the plan has more than $250,000 in assets and the solo owner didn’t realize there was a requirement.

If you have a solo 401(k) plan with zero help, it does make sense to have your plan looked at.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ary Rosenbaum, The Rosenbaum Law Firm P.C. | Attorney Advertising

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