Features & Benefits
What is Single(k)?
Single(k) is a 401(k) for people just like you: owner-only businesses or those with part-time employees only. It is a flexible, easy and cost-effective way to maximize retirement savings. This includes sole proprietorships, closely held family businesses, partnerships and corporations.
What’s so special about Single(k)?
Single(k) allows you to borrow against your retirement assets. This is especially important if you have a rapidly growing business. For this reason, Single(k) may be a better choice than other plans such as a SEP or profit-sharing plan. Loans are available from Single(k) at 50% of the account value but no more than $50,000 (a minimum of $1,000) – a key feature for growing businesses.
For example, John has a vested account balance of $150,000. Fifty percent of his account is $75,000; however, the maximum loan that can be taken from a plan is $50,000.
Also, after the loan option has been exhausted, you may qualify to take a hardship withdrawal from the plan, provided certain criteria dedicated by the IRS are met. Learn more about hardship withdrawals under the FAQ section of the site.
What about a Roth 401(k)?
We now include an after-tax Roth 401(k) option in Single(k) plan. Please click here for information on this exciting feature!