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Showing results for tags 'owner'.
Found 2 results
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Is there an additional requirement that if an Owner who is LESS than a 5% owner, over age 70 1/2 and is still employed MUST take RMDs because they are in a "position of control" with the Plan Sponsor/Employer? The TPA is stating this to our client, but I haven't been able to easily find anything requirement this by the IRS. Perhaps it's a Plan Document requirement? Trying to find an answer for the Owner/Employee. They actually serve as the "Chairman of the Board". Not really sure how much "control" they really have. Your help is greatly appreciated!
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Working with an advisor who says he has a solo 401k with an owner and their child both participating. I was under the assumption that only an owner and spouse could participate in a solo-k. Are there any exceptions that allow children to participate in a solo-k?
