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Timing and Funding of 'Solo Conversion'
BenefitsLink Message Boards Link to more items from this source
Jan. 14, 2021

"Client is participating in a solo 401(k) and would like to terminate it. If they have already funded the account during 2021, are those EE/ER contributions valid, or does the account need to remain open for the entire fiscal year in order to qualify them?

Edit to explain title: they wanted to convert the plan to a broader 401(k) but haven't been able to find a good option for this, so they are exploring whether they can just close out the solo plan and restart in 2022 with a different plan provider. I'm sure there's options to help them solve that part of it, but as we do so, they have asked about the impact of closing in a year that they have funded it."

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