Solo 401(k) Plan

Solo 401(k) Plan - Benefits

The Revzon Consulting Group, LLC Solo 401(k) Plan. The Revzon Consulting Group Solo 401(k) Plan allows individuals to invest in all permitted investments including real estate, S corporations, and many other asset types such as traded stocks and mutual funds. You may be able to contribute as much as $54,000 ($60,000 if you will be at least age 50) beginning in 2017.

What's new about the Solo 401(k) Plan? In general, the main cause for excitement is the Solo 401(k) Plan's new "Roth" contribution component. While you may still elect to make your entire contribution on a pre-tax, deductible basis, you may now choose instead to have up to $18,000 of your contribution ($24,000 if you will be at least age 50) in 2017 made as "Roth 401(k)" deferrals. Roth 401(k) deferrals (like contributions into a Roth IRA) are after-tax contributions that, like other deferrals and contributions, can generate tax-deferred earnings. The big difference is that "qualifying distributions" on Roth 401(k) deferrals and their earnings will not be taxed when paid out. Other major advantages to the Solo 401(k) Plan are: Unlike with Roth IRAs, there are no income limitations related to the ability to contribute to the Solo 401(k) Plan's Roth (after-tax) deferral component. Also unlike IRAs, you can:

  • Invest in an S corporation
  • Buy life insurance
  • Borrow up to $50,000 or 50% of your participant account (whichever is less).

Income from leveraged real estate investments may not be subject to UDFI tax.:

Your brokerage firm or bank may be the custodian of your Solo 401(k) Plan and invest contributions as you direct; we work with any financial firm. The Revzon Consulting Group will provide you with a complete plan document required by the tax laws and necessary plan adoption, enrollment, deferral election, and beneficiary designation forms. The Revzon Consulting Group will also provide you with updates to the plan document as necessary to keep it in compliance with tax law changes in addition to annual plan administration and tax reporting.

Back to TPA & Recordkeeping page

Instructions for Opening a Solo 401(k) Plan

  1. Read the Benefits Information (above)
  2. Read the Government Rules Sheet to determine if you are eligible for a Solo 401(k) Plan
  3. If you are eligible, then print out the New Solo 401(k) Plan Set-up Form and complete. Feel free to call us toll-free at 877-254-7085 if you have any questions while completing the set-up form.
  4. The completed New Solo 401(k) Plan Set-up Form along with a check for the appropriate fees (see below, but for example a one participant plan would be $350 one-time installation fee and $250 for the first participant annual service fee for a total of $500) should be mailed to:
    • Revzon Consulting Group, LLC
      Attn: TPA Services
      465 Furnace Street, Suite 6
      Marshfield, MA 02050
  5. Once The Revzon Consulting Group has received the completed New Solo 401(k) Plan Set-up Form along with a check for the fees we will begin to process your plan. It will take approximately two (2) weeks to set up the plan and produce the plan documents along with the ancillary forms.
  6. When you receive the plan documentation package it will contain detailed instructions as to which forms need to be signed, which ones need to be returned to us, which ones you should keep, and which ones need to be given to employees.
  7. After signing and returning the appropriate documents (step 6) the plan is officially established. We will work with your financial services firm regarding the asset side of the plan to ensure they have all of the plan assets.
  8. Our address is listed above and the remaining contact information is:

Solo 401(k) Plan - Fees:

Establishment of Plan - $350
One-time setup fee to establish Solo 401(k) including plan document and ancillary documents.

Annual Solo 401(k) Administration, (no tax return) - $250
Includes plan valuation and document usage fee for plan year.
Additional participants above one (1) such as spouse, partner, and partner’s spouse incur an additional charge of $99 each.

Preparation of IRS Form 5500 and attachments - $250
Plans with assets in excess of $250,000 (including contributions paid after the year-end) are required to file a form 5500.

Testing - Included
Section 415 and 402(g) limits

Additional Miscellaneous Services:

    Plan Conversion from prior provider - $100
    Plan Amendment (Non IRS) - Included
    Plan Amendment (IRS) - $100
    Plan Restatement - $250
    Loan Origination Fee - $125
    Yearly Loan Maintenance - $75
    Consulting Fee - $75-$150 / hr

Remember – the fee a plan sponsor pays to establish and administer a pension is deductible!

Revzon Consulting Group, LLC does not revenue share or make any compensation from the funds that a plan may invest in. All of our revenue is earned by performing a service. Some other vendors (not all) may charge less for their services because they do revenue share or are compensated in some way from the plan assets. Rest assured that those fees are conveyed to you the end-user, in some manner. No one works for nothing. Perform your diligence to make sure you are receiving the best value for your money

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"We have outsourced our internal audit function to Les and his firm by way of another company. His deep, hands-on experience in the trust and investment business provides him with a uniquely clear understanding of our Company and how it should be run consistent with state law and sound fiduciary principals."

Coastline Trust Company

Robert Gaumont / Chief Investment Officer

"Les has proven expertise in the wealth management operations field. His work is accurate and timely. He develops excellent rapport with clients and service delivery is consistent with customer expectations."

SerVus Consulting Group, Inc.

John Kluttz / President

"I have known and worked with Les Revzon for over 30 years and highly recommend Les for any consulting or operational engagement involving wealth management. He is expert in every aspect of the trust and bank compliance markets. Over the past few years, Thomson Reuters has called upon Les' expertise to help us explore new ventures in Employee Benefits as well as preview and advise us on a new Workflow Management offering for wealth management organizations. But Les is not only knowledgeable in his fields of expertise. He has the skills, abilities, charisma and know-how to successfully manage complex consulting and operational engagements."

Thomson Reuters ONESOURCE Trust Tax

Art Ridolfi / Executive Sales Manager

"Les provided us invaluable assistance in our trust system conversion. His trust background and keen eye for numbers were a tremendous asset. I enjoyed working with Les and quickly discovered that his integrity and expertise would allow me to rely on the accuracy of his work and focus on other areas of the conversion."

Choate, Hall & Stewart

Peter Quigley / Trust Operations Manager

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