chriskkelly

I have a retiree that is interested in starting an individual 401(k) plan to defer some consulting income he is going to receive over the next 3-5 years. He also receives compensation from serving on the Board of Directors for two businesses (paid on a 1099). Does anyone have a resource on whether or not the Board compensation could be deferred into the 401(k) plan?

We have received some litigation proceeds for old 401k plans that have terminated. The businesses that sponsored the plans have closed. For one payment, we can locate the owner of the former business and for the second, we cannot locate the owner of the business. We are trying to find guidance on what to do with these litigation proceeds. Who should they be sent to? If they are supposed to be assets of the plan, what is commonly done for plans that no longer exist? We are only talking about a payment of less than $50 in both cases. Thanks!