Opening a Solo 401(k) Account in Altrusit

To open a solo 401(k) at Alruist, there are a few things you will need to prepare and a quick steps involved to get you set up. Use the links below to jump a section or scroll in order.


What you will need


In order to open a solo 401(k) with SLP Wealth in Altruist, you will first need to provide your planner with your EIN and DBA for your company. If you are a sole proprietor or single member LLC and have not applied for an EIN, no problem! You can easily apply for one.


How to get an EIN (Employer Identification Number)

  1. Visit https://www.irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number 
  2. Click "Apply for an EIN"
  3. Follow the application instructions (should only take a couple min) and choose the electronic delivery if it is an option
  4. Once you have your EIN, take a screenshot to save it (you'll get a paper confirmation, but otherwise it's very hard to find in the meantime). Then, reply in the comment section of this task with your EIN.

*NOTE: This tool is available Monday to Friday, 7 a.m. to 10 p.m. Eastern time.


The Adoption Agreement


Once you provide your EIN and DBA to your planner, an investment team member or paraplanner will follow up with an Adoption Agreement document for you to sign. This is the foundational document for the 401(k) plan. Once you complete this form, it will be used to open your account on Altruist.


Items from the adoption agreement:

  • NAME OF ADOPTING EMPLOYER: Your DBA
  • ADDRESS: Your business physical address (no PO Boxes)
  • TYPE OF BUSINESS: check the box appropriate to your business type (Sole Proprietorship, LLC, etc.)
  • NAME OF PLAN: This should be filled in for you, but it should be your "DBA Solo 401k" or a variation if the characters are too long.
  • EFFECTIVE DATE: This will most often be the start of the tax year for which your account is opening for your first contribution.

The Altruist Application


Once you sign your adoption agreement, a member from the investment team will send over your Application to finish your account opening in Altruist (our investment custodian).


The application information related to the solo 401k details should be filed in for you to match the information from the adoption agreement, and the completed adoption agreement should be uploaded. The "Plan Administrator," will be you.


**Note: You and your spouse may both be a part of the same solo 401k plan for one company but have two different accounts. Note that It will require the use of the same Solo 401k plan document for both account openings.