Fillable SOLO 401(K) PROFIT SHARING PLAN ADOPTION AGREEMENT

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SOLO 401(K) PROFIT SHARING PLAN ADOPTION AGREEMENT

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SOLO 401(K) PROFIT SHARING PLAN ADOPTION AGREEMENT
Page 1
Clearing, custody or other brokerage services provided by Axos Clearing LLC, Member FINRA and SIPC. Axos Clearing LLC is a subsidiary of
Axos Financial, Inc. Trademark(s) belong to their respective owners. 06/21
CAUTION: Failure to properly fill out this Adoption Agreement may result in disqualification of the Plan.
EMPLOYER INFORMATION
(An amendment to the Adoption Agreement is not needed solely to reflect a change in this Employer Information Section.)
1. EMPLOYER'S NAME, ADDRESS, TELEPHONE NUMBER AND TIN
Name: _____________________________________________________________________________
Address: _____________________________________________________________________________
Street
________________________________ ______________________ __________________
City State Zip
Telephone: _______________________________________________
Taxpayer Identification Number (TIN): _____________________________
PLAN INFORMATION
2. PLAN NAME: ____________________________________________________________________________
3. PLAN STATUS
a.
New Plan
b.
Amendment and restatement of existing Plan
PPA RESTATEMENT (leave blank if not applicable)
This is an amendment and restatement to bring a plan into compliance with the Pension Protection Act of 2006
("PPA") and other legislative and regulatory changes (i.e., the 6–year pre–approved plan restatement).
4. EFFECTIVE DATE (Plan Section 1.25) (complete a. if new plan; complete a. AND b. if an amendment and restatement)
Initial Effective Date of Plan
a. _____________________________(enter month day, year) (hereinafter called the "Effective Date" unless 4.b. is
entered below)
Restatement Effective Date. If this is an amendment and restatement, the effective date of the restatement (hereinafter
called the "Effective Date") is:
b. _______________________________(enter month day, year; may enter a restatement date that is the first day of the
current Plan Year. Plan contains appropriate retroactive effective dates with respect to provisions for appropriate laws.)
5. PLAN YEAR (Plan Section 1.65) means the 12 consecutive month period ending on _______________________.
However, if this is a new Plan, the Plan Year will be the period beginning on the Effective Date of the Plan and ending on
the date specified herein.
6. CONDITIONS OF ELIGIBILITY (Plan Section 3.1)
An Eligible Employee will be eligible to participate in the Plan upon satisfaction of the following:
a. SERVICE REQUIREMENT
None 1 Year of Service
b. AGE REQUIREMENT None
Age 21 (may not exceed 21)
7. EFFECTIVE DATE OF PARTICIPATION (ENTRY DATE) (Plan Section 3.2)
An Eligible Employee who has satisfied the eligibility requirements will become a Participant in the Plan as of:
a.
the date such requirements are met.
b. the first day of the Plan Year quarter coinciding with or next following the date on which such requirements are
met.
c.
the earlier of the first day of the Plan Year or the first day of the seventh month of the Plan Year coinciding with or
next following the date on which such requirements are met.
*AA*
SOLO 401(K) PROFIT SHARING PLAN ADOPTION AGREEMENT
Page 2
Clearing, custody or other brokerage services provided by Axos Clearing LLC, Member FINRA and SIPC. Axos Clearing LLC is a subsidiary of
Axos Financial, Inc. Trademark(s) belong to their respective owners. 06/21
8. RECOGNITION OF SERVICE WITH OTHER EMPLOYERS (Plan Section 1.88)
a.
No service with other employers shall be recognized (except as required by law).
b. Prior service with ___________________________________will be recognized for all purposes.
9. NORMAL RETIREMENT AGE ("NRA") (Plan Section 1.55) means the date a Participant attains age 59.5 years (not to
exceed 65 and, if this Plan includes transferred pension assets, may not be less than age 62 unless the Employer has
evidence that the representative typical retirement age for the adopting Employer's industry is a lower age, but no less
than age 55).
10. SALARY REDUCTION ARRANGEMENT – ELECTIVE DEFERRALS
Each Participant may elect to have Compensation deferred by up to the maximum amount allowed by law. Catch–Up
Contributions and Roth Elective Deferrals. Participants may make (select all that apply):
a.
Catch–Up Contributions
b.
Roth Elective Deferrals
11. IN–PLAN ROTH ROLLOVER CONTRIBUTIONS (Plan Section 12.11)
a.
In–Plan Roth rollover contributions are NOT permitted
b. In–Plan Roth rollover contributions may be elected by any Participant, under the existing in–service distribution
provisions.
12. TRUSTEE(S) OR INSURER(S)
a.
This Plan is funded exclusively with Contracts and the name of the Insurer is _______________.
b.
Financial institution that is the sponsor of this prototype plan.
Check here if the financial institution has full trust powers.
c.
Sole proprietor, practitioner, partner or officer who signs this Adoption Agreement on behalf of the Employer.
d. The following person or entity:
Name(s): __________________________________________________________________
Address: __________________________________________________________________
Telephone: __________________________________________________________________
STANDARD PROVISIONS. The following elections, which are referenced in the Basic Plan Document, apply to this Plan.
1. Valuation Date means the last day of the Plan Year and any other dates deemed necessary or appropriate by the
Administrator, which may include any day that the Trustee, any transfer agent appointed by the Trustee (or Insurer) or the
Employer, and any stock exchange used by such agent are open for business (daily valuation).
2. The Employer will be the Plan Administrator.
3. This Plan shall be governed by the laws of the state or commonwealth where the Employer's (or, in the case of a corporate
Trustee or Insurer, such Trustee's or Insurer's) principal place of business is located.
4. All Employees, except union employees and non–resident aliens (both as defined in Plan Section 1.28), are eligible to
participate for all purposes of the Plan.
5. To the extent applicable, the Hours of Service method shall be used to compute eligibility for Employees based on actual
hours for which an Employee is paid or entitled to payment. "Year of Service" means the computation period of twelve (12)
consecutive months during which an Employee has completed at least 1,000 Hours of Service. Employees whose records
of actual Hours of Service are not maintained or available (e.g., salaried employees) will be credited with one hundred
ninety (190) Hours of Service for each month they would be credited with at least one (1) Hour of Service during the month.
The eligibility computation period after the initial eligibility computation period shall shift to the Plan Year. The vesting
computation period shall be the Plan Year.
6. Normal Retirement Date means the Anniversary Date coinciding with or next following a Participant's Normal Retirement
Age.
7. There are no early retirement provisions.
8. Compensation with respect to any Participant means wages, tips and other compensation on Form W–2 and shall be
based on the Plan Year. Compensation for any Self–Employed Individual, however, shall be equal to Earned Income.
9. Compensation shall be adjusted by (a) including compensation not currently includible in the Participant gross income by
reason of the application of Code §§ 401(k), 125 (cafeteria plan), 132(f)(4) (qualified transportation fringe), 402(h)(1)(B)
(simplified employee pension plan), 414(h)(2) (employer pickup contributions under a governmental plan), 403(b) (tax
sheltered annuity) or 457(b) (eligible deferred compensation plan); (b) excluding reimbursements or other expense
allowances, fringe benefits (cash or non–cash), moving expenses, deferred compensation (other than deferrals specified in
(a) above) and welfare benefits; and (c) excluding Compensation paid during the determination period while not a
SOLO 401(K) PROFIT SHARING PLAN ADOPTION AGREEMENT
Page 3
Clearing, custody or other brokerage services provided by Axos Clearing LLC, Member FINRA and SIPC. Axos Clearing LLC is a subsidiary of
Axos Financial, Inc. Trademark(s) belong to their respective owners. 06/21
Participant in the Plan. Military Differential Pay will be treated, for Plan Years beginning after December 31, 2008, as
Compensation for all Plan benefit purposes. 415 Compensation and Plan Compensation will include (to the extent provided
in Plan Section 1.40), post–severance regular pay, leave cash–outs and payments from nonqualified unfunded deferred
compensation plans.
10. The ADP and/or ACP safe harbor provisions, Qualified Automatic Contribution Account provisions, Eligible Automatic
Contribution Account provisions, and SIMPLE provisions shall not apply. The ADP and ACP ratio for Nonhighly
Compensated Employees will be based on current year ratio.
11. The Employer may make matching contributions equal to a discretionary percentage, to be determined by the Employer, of
the Participants' Elective Deferrals (including, if permitted under the Plan, Roth Elective Deferrals and/or Catch–up
Contributions). In applying the matching contribution, only Elective Deferrals up to a discretionary percentage of a
Participant's Compensation or a discretionary dollar amount, the percentage or dollar amount to be determined by the
Employer on a uniform basis to all Participants, will be taken into account. This matching contribution shall be made on a
payroll period basis to any Participant who is employed on the last day of the Plan Year or who terminates with at least 500
Hours of Service.
12. The Employer may make a discretionary profit sharing contribution for a Plan Year, the amount to be determined in the
discretion of the Employer and allocated in the same ratio as each Participant's Compensation bears to the total of such
Compensation of all Participants eligible to share in the allocations for the Plan Year. A Participant is eligible to share in the
contribution for the Plan Year if the Participant is employed on the last day of the Plan Year or terminates employment with
at least 500 Hours of Service during the Plan Year.
13. All contributions shall be 100% vested at all times.
14. Distributions will be made as soon as administratively feasible following termination of employment in lump–sums only.
Partial withdrawals or installments are only permitted for required minimum distributions under Code §401(a)(9). No
annuities will be allowed. All distributions will be in cash or property that is specifically allocated and identifiable with
respect to a Participant.
15. Distributions upon the death of a Participant prior to receiving any benefits shall be made pursuant to the election of the
Participant or Beneficiary.
16. No involuntary distributions shall be made.
17. Hardship distributions are allowed from all Accounts subject to the parameters set forth in Plan Section 12.10 (e.g.
distributions from a Participant's Elective Deferral Account are limited to the portion of such Account attributable to such
Participant's Elective Deferrals (and earnings attributable thereto up to December 31, 1988)).
18. In–service distributions are allowed at age 59 1/2 from all Accounts.
19. Loans are permitted from all Accounts, in accordance with the terms of the Participant loan program.
20. The Participants shall direct the Trustee with respect to the investments of all Accounts.
21. Rollovers may be accepted from all Eligible Employees. Distributions from a Participant's Rollover Account may be made
at any time.
22. After–tax voluntary Employee contributions are not allowed.
23. Required minimum distributions shall be made at the later of age 70 1/2 or retirement, except for 5% owners.
24. Qualified reservist distributions are not permitted.
25. HEART Act provisions – continued benefit accruals will not apply and the Plan does not permit distributions for deemed
severance of employment.
26. WRERA provisions – required minimum distributions (RMDs) for 2009 were suspended unless a Participant or Beneficiary
elected to receive such distributions.
27. Non–spousal rollovers are permitted effective for distributions after December 31, 2006.
28. There are no elections made on an Appendix A (Special Effective Dates and other permitted elections).
The adopting Employer may rely on an opinion letter issued by the Internal Revenue Service as evidence that the Plan is
qualified under Code §401 except to the extent provided in Rev. Proc. 2011–49 or subsequent guidance.
An Employer who has ever maintained or who later adopts any plan (including a welfare benefit fund, as defined in Code
§419(e), which provides post retirement medical benefits allocated to separate accounts for Key Employees, as defined in
Code §419A(d)(3), or an individual medical account, as defined in Code §415(l)(2)) in addition to this Plan may not rely on the
opinion letter issued by the Internal Revenue Service with respect to the requirements of Code §§415 and 416. If the Employer
who adopts or maintains multiple plans wishes to obtain reliance with respect to the requirements of Code §§415 and 416,
application for a determination letter must be made to Employee Plans Determinations of the Internal Revenue Service.
The Employer may not rely on the opinion letter in certain other circumstances or with respect to certain qualification
requirements, which are specified in the opinion letter issued with respect to the Plan and in Rev. Proc. 2011–49 or subsequent
guidance.
This Adoption Agreement may be used only in conjunction with basic Plan document #10. This Adoption Agreement and the
basic Plan document shall together be known as Axos Advisor Services Defined Contribution Prototype Plan and Trust
#10–007.
SOLO 401(K) PROFIT SHARING PLAN ADOPTION AGREEMENT
Page 4
Clearing, custody or other brokerage services provided by Axos Clearing LLC, Member FINRA and SIPC. Axos Clearing LLC is a subsidiary of
Axos Financial, Inc. Trademark(s) belong to their respective owners. 06/21
The adoption of this Plan, its qualification by the IRS, and the related tax consequences are the responsibility of the Employer
and its independent tax and legal advisors.
Axos Advisor Services will notify the Employer of any amendments made to the Plan or of the discontinuance or
abandonment of the Plan. Furthermore, in order to be eligible to receive such notification, the Employer agrees to notify
Axos Advisor Services of any change in address. In addition, this Plan is provided to the Employer either in connection with
investment in a product or pursuant to a contract or other arrangement for products and/or services. Upon cessation of such
investment in a product or cessation of such contract or arrangement, as applicable, the Employer is no longer considered to
be an adopter of this Plan and Axos Advisor Services no longer has any obligations to the Employer that relate to the adoption
of this Plan.
With regard to any questions regarding the provisions of the Plan, adoption of the Plan, or the effect of an opinion letter from
the IRS, call or write (this information must be completed by the sponsor of this Plan or its designated representative):
Name:
Address:
Telephone:
Axos Advisor Services 7103
South Revere Parkway
Centennial, CO 80112
303.705.6000
The Employer and Trustee (or Insurer), by executing below, hereby adopt this Plan:
EMPLOYER: ______________________________________________________________________________
By: __________________________________________ _____________________________________
DATE SIGNED
TRUSTEE (OR INSURER):
The signature of the Trustee or Insurer appears on a separate agreement or Contract – See Entity Account
Application
OR
___________________________________________________
[name of Trustee]
___________________________________________________ _____________________________________
TRUSTEE OR INSURER DATE SIGNED
- END FORM -
SOLO 401(K) PROFIT SHARING PLAN ADOPTION AGREEMENT
Page 5
Clearing, custody or other brokerage services provided by Axos Clearing LLC, Member FINRA and SIPC. Axos Clearing LLC is a subsidiary of
Axos Financial, Inc. Trademark(s) belong to their respective owners. 06/21
General Instructions
Use these instructions to complete the Solo 401(k)
Adoption Agreement.
Purpose of this form. The Adoption Agreement is
completed by the employer and is required to establish a
Axos Advisor Services Solo 401(k) Plan and Trust. The
Adoption Agreement must be completed prior to opening
Solo 401(k) accounts managed through your designated
Investment Advisor. Note: For assistance in completing
the Adoption Agreement, consult your attorney or tax
advisor.
Important: Review any pre-selected options carefully. If
an item has pre-selected options, these are the only
options currently supported by Axos Advisor Services. If
you already have a solo 401(k) plan, use your existing
document to help make elections.
You must complete all required fields and provide
all required additional forms and documentation
to expedite processing and to avoid requests for
additional information.
Print or type all entries. Print clearly in all CAPITAL
LETTERS to complete this form. To type entries, a
fillable PDF of this form can be found online at
www.axosadvisorservices.com.
Section: Employer Information
1 - Employer’s Name, Address, Telephone and
Tax
payer Identification Number. Enter all
identifying information for your business establishing
the Solo 401(k) Plan. Enter the tax identification
number assigned to the business. Do not use your
Social Security Number. Note: If your employer
does not have a Federal Tax Identification Number,
you or your tax advisor may obtain one online or by
telephone. The required forms and instructions are
available on the IRS website at www.irs.gov.
Section: Plan Information
2 - Plan Name. Enter the plan name. It should
include the complete plan name including the
employer’s business name. Example: For ABC
Corporation, the Plan name should be the ABC
Corporation Solo 401(k) Plan.
3 - Plan Status. Check “a” if a new plan and “b” if
restatement of existing plan. The “PPA restatement”
box also must be checked if this is a restatement for
compliance with PPA.
4 - Effective Date. Determine the correct type of
effective date and then enter the date. Complete “a”
if new plan; complete “a + b” if an amendment and
restatement.
• New
plans. The Effective Date will default to
the date this Adoption Agreement is signed
unless a different date is entered. If the
employer’s fiscal year is the calendar year and
the Plan is established in 2015, the earliest
possible Effective Date would be January 1,
2015.
• Amendment and restatement. For existing
plans that are being amended to Axos
Advisor Services’ document, including PPA
restatements.
5 - Plan Year. Enter the last day of your Plan Year.
6 - Conditions of Eligibility.
6(a) – Service Requirement. If desired, please check
box indicating a s
ervice requirement of “1 year of
s
ervice”. If no box is checked, there will not be a service
requirement for your Plan.
6(b) – Age Requirement. The Axos Advisor Services
plan sets age 21 as the “Age Requirement”.
7 - Effective Date of Participation. Under the
Axos Advisor Services plan document, eligible
employees become participants as of “the date such
requirements are met.”
8 – Recognition of Service with Other Employers.
The Axos Advisor Services plan document does not
allow your plan to recognize service with other
employers (except as required by law).
9 – Normal Retirement Age ("NRA".) The
Axos Advisor Services plan document establishes
age 59.5 as the normal retirement age.
10 – Salary Reduction Arrangement – Elective
Deferrals. The Axos Advisor Services plan
document allows both Catch–Up Contributions and
Roth Elective Deferrals.
11 – In-Plan Roth Rollover Contributions. The
Axos Advisor Services plan document does not
permit in-plan Roth rollovers.
12 – Trustee(s) or Insurer(s). The sole proprietor,
practitioner, partner or officer who signs this Adoption
Agreement on behalf of the Employer will be the
Trustee.
Section: Standard Provisions
Please review the standard provisions, 1 through 28,
and the other provisions under which your Solo K
Plan will be governed.
Section: Signature – page 4
It is important for you to read and acknowledge you
understand the elections made in this Adoption
Agreement and the Solo K Supporting Plan
Documentation. Please print and keep a copy for
your records of the adoption agreement, terms and
conditions, and supporting Plan Documentation which
are made available by your advisor and at
SOLO 401(K) PROFIT SHARING PLAN ADOPTION AGREEMENT
Page 6
Clearing, custody or other brokerage services provided by Axos Clearing LLC, Member FINRA and SIPC. Axos Clearing LLC is a subsidiary of
Axos Financial, Inc. Trademark(s) belong to their respective owners. 06/21
www.axosadvisorservices.com.
The Solo K Supporting Plan Documentation includes
the following documents:
• Basic Plan Document #10;
• IRS opinion letter dated September 30, 2014;
• Axos Advisor Services Solo K Participant
Loan Program; and
• Axos Advisor Services Solo K Plan Rollover
Policy.
It is
also important that you have consulted with and
relied on your own advisors regarding the completion
of this Adoption Agreement and the legal and tax
implications of adopting this plan.
Date and Sign. Read over the signature section
carefully (p.4). The Employer must sign and date the
Adoption Agreement, and in doing so, agrees to be
bound by the terms of the Adoption Agreement and
the Solo K Supporting Plan Documentation as it is
updated from time to time.
Return your completed Plan documents, along with
the Solo 401(k) Plan Account Application(s) to your
Investment Advisor or your client representative.
Questions regarding this form should be directed to
your Investment Advisor.
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Completed 7 June 2022

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