A Solo 401(k) is a specially designed 401(k) for business owners who have no employees. A key feature of this type of plan is your ability to maximize salary-deferral contributions without compliance testing. This 401(k) provides all the benefits of a standard 401k without the cost and complexity.

This 401(k) was developed for entities, such as sole proprietorships, where there are no employees (certain immediate family members, if employed by the business, are considered owners).  This one-participant 401k is also called the Uni-k.

• Low cost.
• High annual contribution limits (IRS 401(k) contribution limits)
• Roth 401k contributions allowed (even if you don’t qualify for a Roth IRA!).
• No compliance testing required.
• Flexible investment options.
• Investment advice.
• Rollover and loan provisions available.