The Role of the Solo 401k Plan Administrator

Solo 401k plan administrator is responsible for determining who is eligible to participate in the plan, determining what benefits are due under the Solo 401k plan, and responding to benefit claims and appeals. Plan administrators also have responsibilities dictated under the Internal Revenue Code and Employee Retirement Income Security Act of 1974 (ERISA) as follows:

  • Maintenance of Solo 401k plan records for at least six years [ERISA 107, 209, 29 U.S.C. 1027, 1059)
  • Determination of whether a domestic relations order is qualified [ERISA 206(d), 29 U.S.C. 1056(d)
  • Providing a written explanation of rollover and tax withholding election options, as well as an explanation of tax options with respect to distributions to recipients. [I.R.C. 401(f)
  • Responding to participant claims for additional benefits from a plan. [ERISA 503, 29 U.S. C. 1133]

 

 

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