Can a group of realtors have a 401k?

[Guest Amy Keen]

A real estate agency is requesting us to do a proposal on a 401k for their agency. The realtors only work for this one agency, but each is an independent contractor. Can they do this? I think there may be some kind of exception that applies for insurance agents that may also apply to realtors?, but can't find any data on it. Would appreciate any help.

[lkpittman]

We have such a client--the realty company has adopted the 401(k) Plan and its employees participate (there are only a handful of secretarial staff, etc.). The individual realtors adopt the plan separately. We've got a multiple employer plan with unrelated employers.