The North Track Plan4One solution works with any type of owner-only business, including partnerships, S-corps, and C-corps, according to the firm. An owner-only 401(k) can allow sole-proprietors to put away more tax-deferred retirement money than other types of retirement plans while shielding the plan from creditors should anything happen to the business.
The so-called individual 401(k) offering is an outgrowth of liberalized contribution limits in the Economic Growth and Tax Reconciliation Act of 2001 (EGTRRA), which put 401(k) plans on an equal footing with other tax-deferred savings plans for sole proprietorships.
North Track’s Plan4One offers online account access and payroll submission as well as loan availability, and the ability to cover multiple owners.
“Also unique to our plan is inclusion of signature-ready IRS-required forms (Form 5500) and the ability to convert the plan to a conventional 401(k) if the owner adds employees,” said Scott Stevens, Director of Retirement Services, North Track Funds, in a press release.
Additionally, the program offers two plans to choose from:
- the NorthTrack Plan4One, which features seven NorthTrack Funds, and
- the Plan4One Multimanager, which includes North Track funds plus Eaton Vance and AIM funds.”
Plan4One is powered by Plan Administrators, Inc.; a retirement plan record keeping and administration strategic partner of North Track Funds.
More information is at www.ntfunds.com