If you need assistance understanding or filling out the forms, you should first reach out to Schwab Alliance directly at 80. These forms can be complicated to navigate. This finished copy can be kept with your other small business documentation. As you are the only participant, you are expected to fill out the form and provide a copy for yourself. You do not need to return a copy to Schwab.įourth and final, although nothing needs to be returned to Schwab, Employers must print and provide a copy of Schwab’s Summary Description to each participant. You should keep a copy of this form with your other small business documentation, and then implement your deferral election as part of your payroll. Third, you must complete the Elective Deferral Agreement to specify the salary deferral amount. If you are married, either your spouse should be your primary beneficiary or you should get your spouse’s notarized signature on. Later on Pages 5-6, you should identify your beneficiary designations for your 401(k). Then on page 2, you should fill out your own personal information. The information should match what you filled out on the Adoption Agreement. Much of the same employer information is required on. Second, you must complete and sign an Account Application. It could be the start of the next month, for example.Īfter reviewing the rest of the form, you can sign and date on. On the same page, you will also need to pick an effective date for the plan. By default, we recommend that you use the name of your business followed by “Retirement Plan.” For example, “Marotta Wealth Management Retirement Plan.” You will also need to come up with a name for your 401(k) plan. You will need to know the name of your business, its official address, its federal tax ID, and what type of organization you are. On, you should fill out the information about your business. Forms to Returnįirst, the Employer must complete and sign the Adoption Agreement. There are two forms which must be completed and returned to Schwab and two which must be filed with your other important small business paperwork. The paperwork for opening an individual 401(k) plan is more complicated, but if a DIY client is able to navigate the paperwork on their own, or pays for our Paperwork Preparation bonus service, then we are happy to manage an individual 401(k) as a part of our DIY service. They are 401(k) plans for small business owners who are the only employee of their business. Sometimes also called a solo-401(k), an individual 401(k) differs from other employer-sponsored retirement plans in that an individual 401(k) plan only has one participant. However, as a part of our DIY service level we can manage a client’s individual 401(k). We offer management of multi-participant 401(k) plans through our Retirement Plan Management service. Multi-participant 401(k) plans require more complicated record keeping, compliance reporting, and assistance to run.
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