Any size business can offer a 401(k) plan—even the self-employed!
Best for Sole Proprietors, S Corp, LLC, C Corp or other owner-only businesses who want to maximize their personal contributions.
Businesses with spouses and/or multiple owners qualify.
|Owner contribution levels||
As both the employer and employee of an individual 401(k), you can contribute and profit share up to $56,000 tax deferred ($62,000 if age 50 or over) in 2019. That may even drop you a tax bracket!
|Setup||The purchase and setup process for all Spark 401(k) plans is 100% online. Once plan design is complete, plans are typically ready to go in a week to begin making contributions.|
|Administration||Make lump sum contributions at your convenience, or set up automatic contributions to pay yourself first.|
|Roth 401k||The Roth feature provides participants with the option to make standard, tax-deferred contributions, after-tax contributions into the Roth feature, or both. Unlike a Roth IRA, there is no income limit to choose to contribute towards the Roth 401(k).|
|Loans||Participants can borrow up to 50% of their balance, not to exceed $50,000|
Have questions? Please give us a call at 800-431-7934 option 1. We’re here to help you get the right plan and features for your business.