"I am a business owner with a self-administered Safe Harbor 401k. There are (were) two participants, myself and a full time employee. My employee has resigned and I've hired a part time employee, who will work less than 1000 hours per year, and I may hire a second (similar) part time employee. My current Safe Harbor 401k states that employees with a year of service and working over 1000 hours per year qualifies for the plan. Can I maintain my current plan with a single participant (myself) or do I need to convert to a Solo 401k plan? i prefer to maintain my current plan, if possible, even though I understand the benefits of Solo. If I can't maintain this, is Solo even an option, as it is unclear if even part time employees may disqualify me."

[Sponsored]

Save your seat! Join our May 13th PRT webinar to learn about regulatory frameworks, trends shaping the future of PRT, and actionable steps to take in a PRT. Panelists: Travis Jones, Glenn O’Brien, Ken Catrone and Lane Kent. Host: Berwyn University.