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ROLLOVER CENTER

Can I Rollover my 401k into an Individual 401(k)?

Yes!

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Individual 401(k)

What is the Individual 401(k)?

A retirement plan solution exclusively for owner-only businesses. Individual 401(k) plans are made attractive by several key changes resulting from the Economic Growth and Tax Relief Reconciliation Act of 2001.

Should you rollover your old employer's 401(k) into an Individual 401(k) now that you own your own business? The following chart may help you decide as a small business owner which retirement plan is best for you.

Individual 401(k) Features

Available To	Any owner-only business including corporations, partnerships, sole proprietors and non-profit entities. This plan is not suitable for businesses with employees.
Plan Establishment Deadline	Business tax year-end.
Salary Deferral Employer Deduction Total Contributions	Up to $16,500 (not to exceed 100% of pay) for 2009. The maximum employer deduction is 25% (20% for self-employed) of total eligible compensation. Salary deferrals are not considered “employer contributions” for purposes of this deduction limit. Total salary deferral and employer contribution limit is the lesser of 100% of compensation or $49,000 per person.
Catch-Up Contributions	Individuals age 50 or older may contribute an additional $5,500 in salary deferrals. The catch-up contribution does not count towards the overall contribution limit of $49,000.
Rollovers	Rollovers and transfers allowed from deductible IRAs, SEP IRA, SIMPLE IRA, Keogh, defined benefit, 401(k), 403(b) and governmental 457 plans.
Loans	Available to all participants, including unincorporated business owners.
Withdrawals	Limited to certain events such as retirement, death or disability.
Government Reporting	IRS Form 5500 filings required when plan assets exceed $250,000.

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What is the Individual 401(k)?

Individual 401(k) Features

Available To

Any owner-only business including corporations, partnerships, sole proprietors and non-profit entities. This plan is not suitable for businesses with employees.