This reminder applies only to our Solo 401k clients. The below information does not apply to an IRA LLC structure.

This is a quick reminder to all of our Solo 401k clients, that you must sign your 401k restatement documents by July 31, 2022.

Here are some quick notes:

Who Must Sign the Updated Documents?

If you are the only person participating in the 401(k), you will sign as the business owner and as the Trustee. If your 401k plan has two Trustees, then your co-Trustee will need to sign as well. If we have a separate email for your co-Trustee in our files, they will receive their own signature request email. If both you and your co-Trustee use the same email address, then both signature request emails will go to the same email address.

What Do I Do With the Signed Documents?

Once you’ve completed your signatures, you’ll receive an email with the signed documents attached in PDF. You do not need to do anything with the documents other than to save a copy on your hard drive or on the cloud.

What is a Restatement & Whats the Purpose of This Update?

As plan document provider to your 401k plan, every six years, our documents must be rewritten, incorporating legislative changes into the documents, and resubmitted to the IRS for approval for the next six year cycle. Going forward, amendments and updates are then tacked on to the new documents, so to speak, during the next six year cycle. If you’d like a more in-depth explanation of this restatement, you can click here

What is the Deadline For the Update?

You must sign these updated documents by July 31, 2022.

This content was originally published here.

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