The Challenges of Going Solo(k)
The so-called solo(k) isn't a special kind of 401(k) plan. It's actually just a regular 401(k) with all of the rules and requirements of any 401(k). However, it only has a single participant, generally a business owner with no employees, or possibly that person and their spouse.
But the name has a certain marketing allure, and that, in addition to its special focus on the needs of a single business owner, has produced some confusion in the marketplace. This is particularly true with regard to some new provisions regarding long- term, part-time employees laid out in the Setting Every Community Up For Retirement Enhancement (SECURE) Act. Also, some modifications in the SECURE 2.0 Act of 2022 bring up more questions.
Recent Articles
Anonymous Now: The IRS' Anonymous Review Process
Before approaching the IRS with an error that may lead to plan disqualification, consider approaching them anonymously.
A Bite at a Time: Setting the Table for SECURE 2.0 in 2023
Getting a handle on all the new provisions of SECURE 2.0 is a lot for anyone to consume but taking it piece by piece can make it more digestible.
The Staffing Crisis
At a time of growth, the retirement industry is beset by rising salaries, candidate shortages and job-hopping. What are industry execs doing to combat the current crisis in hiring and retention?
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