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Self-employed 401k or Solo 401k with loan feature
The Self-Employed
401(k), also known as a Solo 401(k), is for business
owners with no full-time employees. However, the
spouses of owners can be employees and the business
still qualify for this plan. Your business can be
brand new or old. It can be a sole proprietorship,
LL.C., partnership, or corporation.
Get a
quick summary by viewing short Video on Self-Employed 401k
You can transfer your IRAs, 401(k), 457, or other
pretax-retirement funds of any amount to your
Self-Employed 401(k) account and borrow from it.
Maximum 401(k) loan is one-half of your account
balance, as long as the loan amount does not exceed
$50,000. Loan payments and interest on loan go back
to your 401(k). See Loan Brochure for more information about
Loan Terms.
You can use your retirement funds to get a loan of
up to $50,000. We help you open a Solo401(k) account
that let's you borrow. Your account loan is Tax-Free
and Penalty-Free provided the loan is paid back on
time. Loans are taxable if there is a failure to
repay per loan conditions. Loans may adversely
affect the value of an account over the long term.
By removing assets from the plan, participants may
miss out on the potential earnings and growth of
those tax-deferred assets. Please consult with your
tax advisor on tax matters.
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| 401(k) LOAN FEATURES |
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NO CREDIT CHECK |
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LOW
INTEREST RATES |
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ONLINE
APPLICATION |
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PRIVACY
PROTECTED |
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EASY,
FAST, CONVENIENT |
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LOANS CAN BE USED
FOR ANY REASON |
| HOME BUYING |
BUSINESS
START-UP
OR EXPANSION |
| DEBT CONSOLIDATION |
| COLLEGE EXPENSES |
| STOP FORECLOSURE |
| JOB LOSS |
| EMERGENCY |
| MEDICAL BILLS |
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| LOW COST TO OPEN AND MAINTAIN |
| The Self-Employed 401(k) plan that we use is offered by
a mutual fund company - The fees are: |
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| Plan Fees |
Annual Administrative Recordkeeping Fee: $0 - $25/yr depending on account balance
Loan Fee: $25 per loan (not per year)
Set Up Fee: None |
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| Mutual Fund Fees |
| Mutual fund fees vary depending on the fund that
you select. Read the individual fund prospectus for details about
its fund fees. Investments are limited to the mutual fund family of
funds. |
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| Brokerage Fee |
| We are paid a commission by the mutual fund company from
your investments in the mutual funds. The mutual fund company assumes you
want Class "A" shares unless you select otherwise. Read the prospectus,
included as part of the application kit you'll receive from us,
for information on the fees and sales charge associated with the
various Classes of shares. |
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For more information please contact us.
Request a free Solo 401(k)
information kit by filling out the APPLICATION
REQUEST FORM |
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| Other advantages of the
Self-Employed 401(k) plan besides the loan
feature: |
- Complete contribution flexibility – You decide each year whether to contribute and how much to contribute.
- Roth 401k contribution feature
- Generous contribution limits as
compared to most other small business plans.
- Easy set-up and inexpensive to
maintain – Unlike larger 401(k) plans, there are no complicated
administrative requirements. You have to file an IRS Form 5500-EZ when plan assets exceed $250,000.
- Consolidation convenience – Retirement assets from
IRAs or other plans can be consolidated to create one convenient,
relatively low cost account.
- Dedicated service –
Your retirement plan is handled by a mutual funds investment firm
and a brokerage firm committed to the retirement business and
customer satisfaction.
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| Next Page: Small
Business Loans 401k |
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| Apply Online APPLICATION
REQUEST FORM Apply Online |
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