The company’s announcement said the new plan, along with the existing plans utilizing Vanguard Funds and Ameritrade, are low cost “open architecture” 401(k)’s permitting investment in all exchange traded stocks, bonds, options, thousands of mutual funds and government and municipal securities, as well as money market funds and certificates of deposit.
“Our new program also allows the self-employed to open or expand their business with funds borrowed from their 401k,” said Craig Gillooly, an attorney and president of 401kBrokers.com, in the announcement. “Scottrade now offers one flat rate ($7) for all online market & limit orders and has no share limits. Participants pay the same low commissions regardless of the number of shares they trade. Moreover, Scottrade has no inactive account fees or account maintenance fees, 244 local branches and it costs just $500 to open a Solo 401k account.”
The new Solo 401k allows the self-employed to deduct up to $46,000 per year from their taxable income. The new program comes with unlimited toll free phone and email support for the life of the plan.
Enrollment forms are on the Web site, www.401kbrokers.com . More information can be obtained by calling Craig Gillooly at 800-474-3826.