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any recommended retirement/pension plan administrators?

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  • Avatar arepic 
    Participant
    Status: Physician
    Posts: 3
    Joined: 09/21/2018
    Disability Insurance

    Hello,

    Does anyone have any advice or recommendations on choosing a retirement/pension plan administrator in Virginia?

    I plan on rolling over my $56k/yr SEP-IRA into an individual 401k at Fidelity to facilitate a back door Roth.  Fidelity only offers a basic individual 401k, and I am interested in a customized 401k that would allow additional types of investments such as real estate equity deals.

    Low setup and maintenance fees would be a priority.

    Thanks!

    #209529 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7326
    Joined: 01/09/2016

    Yes, I have a great rec, but this person is in the middle – not the cheapest, not the most expensive, but great at personalized advice, knowledge, and responsiveness.

    If your priority is truly price, go with ADP or Employee Fiduciary.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #209584 Reply
    Avatar arepic 
    Participant
    Status: Physician
    Posts: 3
    Joined: 09/21/2018

    Thank you for the advice; those companies didn’t have exactly what I was looking for, and I ended up going with discountsolo401k.

    Is there any advantage to using an LLC versus sole proprietorship for my solo401k?  My main use is going to be to roll over my SEP-IRA to allow a back door Roth, and within the 401k I plan on mostly broad index ETFs with some equity real estate investments for tax advantages.

    #213888 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7326
    Joined: 01/09/2016

    Is there any advantage to using an LLC versus sole proprietorship for my solo401k?  My main use is going to be to roll over my SEP-IRA to allow a back door Roth, and within the 401k I plan on mostly broad index ETFs with some equity real estate investments for tax advantages.

    Click to expand…

    No, there is no difference.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #214031 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7326
    Joined: 01/09/2016

    One thing I forgot to mention is that Fidelity, the last time I looked, does not allow the Roth option on solo-k’s. Might not be the best choice for you simply due to lack of flexibility.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #214032 Reply

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