QUESTION:
I currently have a solo 401K plan with Entrust and I am looking at switching to another company. What would be involved with the switching process and how much would it cost to switch to your company.
ANSWER:
Yes, you can restate your existing solo 401k from The Entrust Group to our self-directed solo 401k. We find that self-employed business owners restate their existing solo 401k with other providers including The Entrust Group to our self-directed solo 401k plan for the following reasons:
- Full Plan flexibility
- The fees and costs
- The ongoing compliance support that we provide for one flat annual fee of $125
- Why Switch?
- 100% FLAT FEE self-directed plan including Mega Backdoor Roth & Alternative Investments for no additional charge
- Expert Compliance Support (5500-ez, 1099-R, expert compliance team, etc.) for no additional charge
How to Change Plan Providers: The Entrust Groupto a Self-Directed Solo 401k from My Solo 401k Financial
Process:
- New Solo 401k Plan Documents
- List the original plan effective date
- Obtain 401k EIN
- Close Existing Account and Open New Account(s)
- Pre-Tax, Roth and Voluntary After-Tax
- Spouses
- Not Required: No Final 5500-EZ or 1099-R since the existing Plan is being restated from The Entrust Group to My Solo 401k Financial
Self-directed Solo 401k –
Compliance Support
- Form 5500-ez
- If your solo 401k plan balance exceeded $250,000 as of December 31, a Form 5500-EZ is due to the IRS by July 31.
- 1099-R
- Distributions, Rollover, In-Plan Conversions
- Contribution Calculation (including Mega Backdoor Roth)
- Loan Document Preparation
- Alternative Investments
