Features & Benefits
Eligibility & Benefits
Sure, Single(k) sounds great, but can you take advantage of it?
Who is eligible to participate in my Single(k)?
You and your spouse can both participate in a Single(k) retirement plan however, there can be no common-law, full-time employees in the company. Part-time employees who work less than 1,000 hours per year can be excluded from the plan.
Please note that only a spouse, who is receiving income from the business or a business partner is allowed to participate. You cannot have both a business partner and a spouse (if they are two different people) participate.
What type of business do I need to own to be eligible for Single(k)?
Your business needs to have the following requirements:
- Self-employed in a business without any common-law, full-time employees,
- You have part-time employees who work less than 1,000 hours per year
- You're interested in saving as much as possible for retirement!
Companies that would be appropriate for Single(k):
- Sole proprietorships
- Family held businesses
- Partnerships
- Corporations
If you are considering adding full-time employees to grow your business, let us know. We can transition your retirement plan from Single(k) to The Online 401(k), our service for two or more employees!
You can find out more about The Online 401(k) by e-mailing us at sales@theonline401k.com or by going to www.theonline401k.com.