Note: Please be sure to review the information on the Welcome Page before proceeding with this step

Client Information Form

As the administrator of your Solo 401k plan, it is important that you know all the fiduciary responsibilities to maintain your plan in compliance. Please watch the video below to learn more about your fiduciary responsibilities before proceeding.

Please watch this before proceeding!

Congratulations on your decision to establish Solo 401k Plan with checkbook control!

In order for us to continue with your application please complete the steps below:

1. Review Terms & Conditions.

2. Complete Client Information Form below. Fields marked with “*” are required to be completed. This questionnaire is designed to collect the information required to establish your Qualified Plan. Please complete the questionnaire as accurately as possible. Failure to do so will delay the establishment process.

- IMPORTANT: Please note that you must complete the Client Form in its entirety. If you leave blank one of the required fields and click “Submit” – the form will not be submitted and you will have to start all over. There is no way to save the form that is partially completed. Please double check your answer before submitting.

- BUSINESS CODE: You will be asked to provide the six-digit business code for your business. You can access the list of business codes HERE (pages 9-11). Pick the six-digit code that best matches the business activity of your adopting business entity.
- Business EIN: We will need the EIN for your business in order to create the plan documents. If you are a sole proprietor and are currently using your Social Security Number for your tax ID, please obtain an EIN for your sole proprietorship. The EIN for your business can be obtained HERE. If you have just started your business, you can select “Started a new business” as the reason for applying. If you have already operated your sole proprietorship for awhile under your Social Security Number, you can select “Banking Purposes” as the reason for applying. Please contact us for help, if needed.

3. Be prepared to provide your Social Security number to your Account Manager over the phone.

- SSN: Your SSN is needed in order to obtain an EIN for your Solo 401k Trust.

4. Submit Required Documents:

- Retirement account statement(s) – Please send a copy of the most recent statement from the retirement account(s) you intend to transfer into your new Solo 401k plan. Documents can be emailed to: docs@sensefinancial.com

Your Account Manager will be in touch with you within one day of submitting the form.

Terms and Conditions Acknowledgement *

Initial to acknowledge that you read and understand Terms and Conditions.

Name of Applicant/Trustee *

Enter your full name as you wish it to appear in plan documents for plan Trustee.

Applicant's Date of Birth*

Enter your date of birth (mm/dd/yyyy).

Co-Trustee (If Applicable)

The 401k plan requires one or more Trustees. Each will have substantial fiduciary duties under ERISA rules. If your spouse will participate in the plan (assuming he/she is employed in the business and receives compensation), then he or she will be co-trustee by default. You can also hire an independent Trustee. If your spouse will not participate in the plan or if you wish to be the only Trustee, leave this blank.

Successor Trustee *

If there is no Co-Trustee, then you may wish to designate a Successor Trustee (usually the spouse or another trusted contact), who will have authority to access and control trust funds in case the primary Trustee become deceased or incapacitated. If you do not wish to designate someone as Successor Trustee write "N/A".

Phone Number *

Enter your phone number.

Your Email *

Enter your email address.

Home Street Address *

Enter your home street address.

Home City *

Enter your home city.

Home State *

Enter your home state.

Home Zip *

Enter your home zip code.

Name of Business *

Enter the name of the business entity adopting the plan. (If sole-proprietorship, enter your name or DBA).

Business Type *

Indicate the type of business entity adopting Solo 401k Plan.

Business Code *

Enter the 6-digit business code that best matches the activity of your business (see Instructions for Form 5500-EZ for a list of business codes). Hyperlink provided above under item 2, "BUSINESS CODE."

EIN *

Enter the Tax ID number of the entity adopting the Plan. Do NOT enter your Social Security Number. The entity adopting the Plan is your business (e.g. corporation, LLC, or sole-proprietorship, etc.). If you are a sole-proprietor and are currently using your Social Security Number, you will need to obtain an EIN for your sole proprietorship. This is for the purpose of establishing the Solo 401k Plan. Hyperlink provided above under item 2, "EIN."

Fiscal Year End *

Enter the last day of your business taxable year (e.g. 12/31; 3/31).

Business Start Date *

Enter the date you started your business (mm/dd/yyyy).

Business State *

Enter the state of legal construction, i.e. where was your business organized?

Business Address *

Enter your business address. This must be a physical address; do not use a P.O. Box or mailing address.

Business City*

Enter your business city.

Business Zip Code *

Enter your business zip code.

Other Business *

Does any applicant or his/her spouse also own part or all of any other businesses (sole proprietorship, LLC, partnership, corporation)? If "Yes", please specify your ownership percentage and business details in the comments section below.

Other Business Details

If you answered 'Yes' to the previous question, please provide details here (e.g. your ownership percentage, business description).

Employee Information *

Since the operation and administration of an employee plan is dependent on the classification of employees, we need to know about your current and/or expected employees in determining if you may need certain plan features, such as Immediate vs. Delayed Eligibility. TO QUALIFY AS A “SOLO 401K” WITH MINIMAL ADMINISTRATIVE OBLIGATIONS, your plan must meet all of the IRS requirements for a “one-participant” plan which is based on eligibility of employees and ownership of the plan sponsor. Do you, or will you, have any employees OTHER THAN the Owner(s) and/or Owner’s spouse?

Full Time Employees *

Does any of the businesses you own/control have any employees (OTHER THAN YOU AND YOUR SPOUSE) expected to work at least 1000 hours/year? For reference, 1000 hours/year is equivalent to just under 20 hours/week for 52 weeks.

Qualified Plan Name *

Enter the name you wish to assign to your Qualified Plan. Include '401k Plan' immediately after it. Try to keep the name simple and shorter, if possible. DO NOT use special characters such as '&', '@', '$', '+', etc. EXAMPLE: Name of your business entity: "Nova Architects Consulting LLC". Suggested name of the plan: "Nova Architects 401k Plan" or "NAC 401k Plan". If you are a sole-proprietor and using your own name to run your business, you need to come up with new unique name for your Solo 401k Plan. For example: your name is “John Smith”. DO NOT name your plan “John Smith 401k Plan”.

Eligibility Requirement *

Will the plan allow for Immediate Eligibility (and participation) for all employees OR have a one-year (1000+ hours) eligibility requirement? Note: Immediate Eligibility permits the owners to begin employee deferrals and receive matching contributions immediately but it also means that ALL employees, including current/future part-time employees, will likewise be immediately eligible for participation in the plan. Delayed Eligibility means that only those employees, including the owners, who have worked at least one “full year” (defined as 1000+ hours) are eligible to participate in the plan. Companies that employ only the owners may wish to select Immediate Eligibility; those wishing to exclude part-timers must select Delayed Eligibility.

Account to be Transferred

Enter the type of account to be transferred into the Solo 401k (e.g. SEP IRA, 401k, 457, Trad. IRA, etc.) PLEASE NOTE: the ROTH IRA is not eligible to be transferred into Solo 401k Plan.

Amount Transferred ($)

Enter the approximate amount to be transferred.

Current Custodian/Administrator

Enter the name of your current custodian/administrator for the account you wish to transfer (if any). If more than one, separate them by comma.

Participation in self-employed plans *

Are you currently participating in any self-employed plans such as SEP, SIMPLE, etc? If YES, please list.

How did you hear about us? *

Please enter the name of the person or company who referred you.

5500-EZ Acknowledgement *

Initial to indicate that you understand that IRS Form 5500-EZ is required to be filed when the total plan assets exceeds $250,000.

Client Signature *

Type your name. By signing, I hereby acknowledge my responsibility as fiduciary of my Solo 401k Plan as defined by ERISA. It will be my responsibility to maintain the Plan in legal compliance (including but not limited to tax qualification and the avoidance of prohibited transactions).

Spouse Signature *

Type your name. By signing I agree with the Terms and Conditions outlined above (If married, spouse must also sign this application even if not participating in the plan. If not married, enter "Not married").

Comments

Please provide clarification to any of the above questions such as 'Other Business', Additional Trustee as well as any other comments.

Type this code: