ROBS 401k Providers List – 401k Business Financing

List of Rollover as Business Startup (ROBS) Providers

It will be important to consider the below in selecting a company to help you use your retirement funds to start your own business.For your convenience, below is a list of Rollover as Business Startup (ROBS) 401k plan providers:

Are you considering using your retirement funds to finance your own business via rollover as business startup or ROBS 401k? Perhaps you want to buy a business or start a franchise using money in your 401k or IRA?

If so, you should know that there are very important requirements that must be followed both initially when you fund your business as well as in the future as you run your business. Moreover, the specific requirements that will apply to you will depend on your particular circumstance. As a result, it is important to select a provider that has experience and expertise as well as provides ongoing support that is specific to your business.

Technical Steps

In order to reap the benefits of a ROBS transaction (including tax and penalty-free access to your retirement funds), certain technical steps must be followed.

  • At a minimum, these include setting up a C-corporation to operate your business as well as establishing a qualified 401k plan that allows for investing your retirement funds in your business.
  • Additional considerations include whether an initial business valuation is necessary, whether the nature of your business qualifies, whether your retirement funds are eligible to be transferred, etc.
  • Of course, no two transactions are identical and the issues that apply to your particular scenario will depend.For this reason, it is best to speak to an expert professional (rather than a salesperson) as quickly as possible to confirm that you qualify and identify the specific requirements that will apply to you.

Ongoing Support & Requirements

For businesses funded via a ROBS transaction, there will be additional ongoing requirements.At a minimum, these will include:

  • An annual filing requirement (i.e., Form 5500) as well as making amendments to the 401k plan to keep pace with changes in the law and preserve the plan’s qualified status.
  • Additional considerations include whether the 401k plan needs to be offered to other employees of the business, whether 401k contributions needs to be made for employees, whether an ERISA Fidelity bond is needed, etc.

As with the initial requirements described above, it is best to work with a company that can provide you with ongoing support by an expert professional who is familiar with your business – rather than a provider who may simply assign a support person who may lack the requisite expertise or experience with your particular plan.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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