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Self-directed 401k FAQ – How many beneficiary election forms do we fill out?
QUESTION:
My company has 2 owners, myself and my father, both of us own 50% stake in the company, and both of us will be trustees for the plan. Does that mean both of us need to fill out the beneficiary designation? Or just myself, since I am only one who is participating in the Solo 401k.
RESPONSE:
Just you since you are the sole participant. Just the participants in the solo 401K plan are required to complete a beneficiary form.
