Transfer/Rollover Letter of Instructions

 

TRANSFER/ROLLOVER REQUEST LETTER OF INSTRUCTIONS

Dear Custodian:

My business adopted qualified retirement plan (Solo 401k) and I am requesting qualified transfer of funds from my current retirement account into my Solo 401k.

A straightforward Overview:

  • A Solo 401(k) is a retirement plan under the IRS Code.
  • A Solo 401(k) is a Trust
  • I am listed as the Trustee of the Trust
  • As Trustee I have full discretion to direct investment activities and select vendors

A Solo 401(k) is a retirement plan trust created per specific guidelines found in IRS Code Section 401(k). These retirement plans are intended to be established by an employer as an employee benefit, assisting employee-participants in the plan save for retirement in a tax-sheltered manner.

A Solo 401(k) plan is a simplified version of a 401(k) designated for businesses where the owner(s) are the only employees of the company. This simplified version was created with the passage of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) by congress in 2001.

The IRS website describes 401(k) plans as follows:

401(k) plans are funded through a trust established to hold and invest the plan’s assets. At least one trustee is appointed to have responsibility for the activities of the trust and its assets.

For details you may visit IRS website:

https://www.irs.gov/retirement-plans/one-participant-401k-plans

Included you will find Trust Documents:

  • Adoption Agreement
  • IRS Letter with the EIN.

Please process attached Transfer Request according to the instructions provided on that form.

 

Sincerely,