U.S. Bank Unveils Sole Proprietorship Plan

April 10, 2002 (PLANSPONSOR.com) - U.S. Bank Institutional Trust & Custody has introduced an online 401(k) system aimed at self-owned businesses.

The new product, U.S. Bank Solution Online Solo(k), comes at a time when the Economic Growth and Tax Relief Reconciliation Act of 2001 has increased the amount those in self-proprietorships can save for retirement.

According to U.S. Bank’s press release, the plan features:

  • unlimited account transfers,
  • automatic account rebalancing,
  • online payroll processing,
  • a voice-response telephone service,
  • signature-ready IRS form 5500 EZ, and
  • automatic issuance and filing of IRS form 1099R

U.S. Bank Solution Online Solo(k) investment options feature First American Funds. They are supplemented by funds from:

  • American Century
  • Fidelity Advisor
  • MFS
  • Dreyfus
  • Nike Securities
  • Federated
  • INVESCO and
  • Putnam