Q: What is an individual Roth 401K plan?
A: An individual or solo Roth 401k plan is a plan designed to be used by a sole proprietor or small business owner who employs their spouse as an employee. It is not designed to be used by companies who have several eligible employees.
Q: What is involved in setting up an individual 401k?
A: Your Corbin Marcus individual 401k can be set up by completing an easy process assisted by us. Our goal is to initiate a smooth transition to your new plan so you can begin to enjoy the benefits as soon as possible. Processing usually takes 7-10 days. If you will be rolling an outside plan into your Corbin Marcus individual Roth 401k, you will need to complete our rollover form as well. Processing of rollovers could take several weeks.
Q: When can I withdraw my funds tax-free?
A: You can make qualified withdrawals from your Corbin Marcus individual Roth 401k after the funds have been on deposit for five (5) tax years and after attaining age 59 ½. (death and disability are also considered qualified distributions) (funds rolled into your plan from another Roth 401k may be eligible to be withdrawn earlier if they were part of a direct rollover).
Q: Can I determine what investments my 401k plan holds?
A: Yes. The Corbin Marcus individual Roth 401k is a true self-directed account. You are not limited by, or constrained to, a limited number of investments. Any investment allowed by the Internal Revenue code can be used in your account. This includes certain alternative investments, which we may make available from time to time.
Q: How much does it cost?
A: Corbin Marcus charges a one-time fee of $2650. for setting up your new plan. We process the paperwork to begin your new individual Roth 401k and also process any rollovers. We will also be available for consultations so you get the best out of your plan.
Q: Who is your plans administrator?
A: You are the administrator of your own plan. We use Charles Schwab to facilitate the checkbook function of your plan that you have full control over.
Q: Does Corbin Marcus provide any type of companion counseling?
A: Yes. As an owner of a Corbin Marcus individual Roth 401k, you are eligible for creative strategies coaching for your plan. This free coaching is designed to help you with enhancing the variety of investments in your plan and make the most of your plan options.
Q: Does my Corbin Marcus plan also include a pre-tax traditional 401k component that will accept rollovers from traditional IRA’s or pre-tax 401k’s?
A: Yes. Your plan does include a traditional 401k component that can be funded for loans and that can accept rollovers from traditional 401k plans and IRA’s.
