Establishing a TRA Solo(k) Plan

1. Determine if the client is eligible for the plan: Who can Establish a Solo(k) Plan?
2. Use the Proposal Tool to create a proposal showing the estimated maximum deductible contribution.
3. Use Plan Setup to complete the Plan Installation Guide and Legal Documents.
4. A sole proprietorship must have an Employer Identification Number (EIN) when sponsoring a qualified plan - see How to Obtain an EIN.
5. Mail the Plan Installation Guide, Legal Documents and a check for the setup fee to TRA.

Steps to Fund the Plan

1. TRA sends client/financial advisor a welcome kit containing:
   
   • Name and phone number of the client's retirement plan consultant at TRA
   • The basic plan document, participant loan program and beneficiary forms
2. After the client receives the IRS trust number from TRA (10 to 15 days), financial advisor opens the custodial account.
   
   • The business should open a new investment account in the name of the retirement plan before December 31st
   • The name of the account should be "Business Name" 401(k) Plan and Trust. For example, the account opened for business name Ace Systems would be the Ace Systems 401(k) Plan and Trust.