Single(k) Plus® FAQs

Learn more about solo 401(k) plans, how they work, and how Ubiquity's Single(k) Plus solution benefits sole proprietors in retirement planning.

General

What is a solo or individual 401(k)?

About Single(k) Plus®

What is Single(k) Plus®?
Who should consider a Single(k) Plus?
How does Single(k) Plus work?
Do I have any recordkeeping or reporting obligations with Single(k) Plus?
How do I set up and manage my Single(k) Plus plan?

Contributions

How much can I save in Single(k) Plus plan?
Does the catch-up contribution apply to me?
If four people are in a Single(k) Plus plan, does everyone have to contribute?
What is the maximum profit-sharing contribution that can be made to a participant’s account?

Deadlines

Is there a deadline to establish a Single(k) Plus plan this year?
Is there a deadline to fund a Single(k) Plus plan?

Eligibility

Can a business partner who is not related to me take advantage of a Single(k) Plus?
Can a spouse who works with me participate in a Single(k) Plus?
Can I sign up for a Single(k) Plus if my business has employees other than my business partner, spouse, and/or spouse of my business partner?
What happens if I hire one or several full-time employees?

Hardship Withdrawals

What is a hardship withdrawal?
Can I take a hardship withdrawal from my 401(k) plan?
What documentation is required?
What are the tax consequences of taking a hardship withdrawal?

Investments

What can I invest in?

Loans

Can I borrow against my Single(k) Plus assets?
How much can I borrow?
Are there any associated fees with taking a loan out from my retirement account?

Rollovers

Can I roll over my current retirement plan into the Single(k) Plus account?
How long do I have to roll my previous retirement accounts into my new Single(k) Plus plan?
Do I have to sell my investments in my IRA or previous 401(k) to roll them over to a Single(k) Plus?

Roth 401(k)

What is a Roth 401(k)?
How much may I contribute to my Roth account?
Do I need to establish a separate account for my Roth contributions?
Can my plan offer only Roth contributions?
Can distributions from a Roth account be rolled over?
Do Roth contributions need to be reported separately from wages, tips, and other compensation on the Form W-2?
If I start making designated Roth contributions at the beginning of the year and later change my mind, can they be re-categorized and transferred from my Roth account to my traditional, pre-tax account?
Can I make both pre-tax contributions and Roth contributions in the same year?

Terminations

What if I want to terminate my account?
What do Ubiquity’s termination services include?

Getting Started

Do I need an Employer Identification Number (EIN)?
Can I set up automatic payments to my Single(k) Plus?

Ubiquity is not a registered investment advisor, and the information provided herein should not be considered legal or tax advice. We recommend consulting with your financial planner, attorney, and/or tax advisor for personalized advice.

Please refer to Important Information for details.

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San Francisco, CA 94104

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Talk to Sales
Schedule a Free Consultation

Contact Support
Visit our Help Center
support@myubiquity.com
Monday–Friday
6am–5pm PT / 9am–8pm ET

© 2024 Ubiquity Retirement + Savings
44 Montgomery Street, Suite 300
San Francisco, CA 94104