Features & Benefits
Single(k) Features
Sounds great, doesn’t it? But what are you getting for your money?
When you sign up for Single(k), you will get all of the following features:
*401(k)/Profit-sharing plan for your business
This plan allows you to put away money tax-deferred, up to $49,000 (includes profit-sharing contribution), $54,500 if you are over 50 years old.
*Multiple brokerage options and investments
Put your hard-earned money to work! At no additional charge, you can use Charles Schwab & Co., Inc., or your favorite discount brokerage/mutual fund family, in which to invest your Single(k). We provide you with the necessary account-opening instructions with your plan documents at the end of the sign-up process.
*Loan option
Our 401(k) plan gives you the option of taking a loan out from your Single(k). This is key for growing companies. It only costs $90 per loan to process.
*Hardship withdrawal option
Our 401(k) plan gives you the ability to withdraw from your Single(k) under certain circumstances, should you find yourself in financial hardship. Click here to view our list of IRS-Approved Hardship Circumstances.
*Compliance-approved plan documents
You will also get plan documents, which are compliant with government regulations (GUST and EGTRRA-compliant).
*Ability to maximize tax-deductible contributions
Maximize your tax-deductible contributions through Single(k), up to $49,000. See the Contributions section for more information on contributions.
*Web or phone access to your account through the brokerage of your choice
You’ll get statements and reports from the brokerage of your choice via the Web, any day, any time.
*Access to additional services
If your account exceeds $250,000, we can file your Form 5500 for an additional $175.
*Form 1099 Preparation
Every time you take a distribution from your Single(k), you need to prepare a Form 1099 notifying the IRS of the distribution from the qualified plan. The Online 401(k) can prepare this form on your behalf for $175 should you need this service.