| MySolo401k | Competitor X | Competitor Y | Competitor Z |
---|
Setup Fee | COVID-19 RELIEF $3000 | $4995 | $4995 | $4695 |
First Year Annual Maintenance Fee | $0 – Waived | $1428 ($119/month) | $1440 ($120/month) | $1164 ($97/month) |
First Year Total Fees | $2,500 | $6423 | $6435 | $5859 |
Ongoing Annual Maintenance Fees | $899/year starting in 2nd year | $1428 ($119/month) | $1440 ($120/month) | $1164 ($97/month) |
State Corporation Filing (incl. filing fees) | | | | |
Obtain corporate federal employer identification number (EIN) | | | | |
Corporate Records (bylaws, stock certificates, etc.) | | | | |
Corporate Bank Account Assistance | | | | |
IRS-approved plan incl. favorable determination letter | | | | |
Plan identification number | | | | |
Prepare all forms to open free 401k Brokerage Account | | ??? | ??? | ??? |
Transfer/Rollover Assistance | | | | |
Work Directly with Attorney & Compliance Officer (No Sales Rep) | | ??? | ??? | ?? |
Annual Plan Compliance Support (Form 5500, Plan Amendments, etc.) | | | | |
Routine Annual Valuation | Included in annual fee | ??? | ??? | ??? |
Fidelity Bond Premium | Prepare application at no charge (premium not included) | Premium included | Premium not included | Premium not included |