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.

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