The first 401k plan was offered as a result of the Employment Retirement Income Act 1974 (ERISA). A Virginia Solo 401k, just like all 401ks, is approved by the IRS, not the state of Virginia. Therefore, federal rules govern Solo 401k in Virginia not state law.
While all 401ks are for those employed to save for retirement, a Solo 401k is for the self-employed with no full time employees. Commonly both spouses participate in the Solo 401k or both business partners since Solo 401k is for maximum of two (2) participants.
Virginia Solo 401k Plan Highlights
Shielded from Creditors: Since Solo 401k or self-directed 401k falls under federal code (ERISA) and 401k anti-alienation protection, your retirement assets are shielded from creditors in the State of Virginia.
Approved by IRS: Ultimately all 401ks including Solo 401k are approved by the IRS through the issuance of an IRS Opinion Letter.
Solo 401k Checkbook Control: Since we name you Trustee of your Solo 401k Plan and our Solo 401k plan document allows for investing in both equities (mutual funds and stocks), and alternative investments (real estate, notes, precious metals, tax liens, private business, etc) by writing a check, we will assist you in opening Solo 401k checking account at your local bank or credit union in the State of Virginia.