For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Products October 25, 2011
Blue Diamond Offers Solo 401(k)s
October 25, 2011 (PLANSPONSOR.com) - Blue Diamond Documents announced it is offering Solo 401k plans also known as individual Ks to small business owners.
Reported by Tara Cantore
A press release explained that Solo 401ks were created for business owners that have no employees, such as sole proprietors or partners who have no common law employees.
For 2011, small business owners can contribute either pre-tax or Roth employee deferral contributions of up to $16,500. Individuals age 50 or older can make an additional $5,500 catch-up contribution. The combined employer and employee contributions cannot exceed $49,000 ($54,500 for individuals using the $5,500 age related catch-up contribution).
For more information, visit http://www.checkbookiraprep.com.