Retirement Plan Services
Solo & Owner-Only Plans
Maximize retirement savings with expert plan design and compliance support tailored to self-employed individuals and owner-only businesses.
What Is a Solo Plan?
Big-plan benefits, built for one
Solo plans, sometimes called solo 401(k)s or owner-only plans, are designed for business owners with no employees other than themselves and, in many cases, a spouse. Because you’re both the employer and employee, you can contribute in both roles, allowing you to save significantly more than through an IRA or employee contributions alone.
They’re simpler to run than a full company plan, but they’re not do-it-yourself. Solo plans still require a proper plan document, ongoing amendments, and annual government filings once assets grow — and the penalties for missing them are steep. RMS keeps it all handled.
Why it Matters
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More Room to Save
A solo plan can provide significantly more retirement savings potential than an IRA alone.
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Designed Around Your Business
Contribution strategies can adapt to your income, business structure, and retirement goals.
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Simple, But Not DIY
Plan documents, amendments, and required filings still apply. We manage the details, so nothing gets missed.
What RMS Provides
End-to-End Solo Plan Services
Everything your owner-only plan needs to stay optimized and compliant, year after year.
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Plan Design
We design your solo plan around your income, tax goals, and retirement objectives, including whether pairing it with a cash balance plan could increase your savings potential.
- Contribution strategy and optimization
- Pre-tax and Roth design options
- Cash balance pairing analysis
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Plan Adminstration
We handle the annual work that keeps your plan accurate, including contribution calculations, plan review, and ongoing updates.
- Annual contribution calculations
- Account and vesting tracking
- Plan document maintenance and required amendments
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Compliance Testing
Even owner-only plans have limits and rules. We verify your contributions stay within IRS limits every year.
- Annual additions and deferral limit monitoring
- Deduction limit verification
- Eligibility review as your business changes
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Government Filings
Once plan assets pass the IRS threshold, annual filings become mandatory — and the late penalties are severe. We prepare and track every required filing.
- Form 5500-EZ preparation
- Filing deadline tracking
- Missed filing catch-up and penalty relief guidance
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Plan Corrections
If your plan has fallen out of compliance — whether we set it up or someone else did — we guide you through correction step by step and handle the execution.
- IRS and DOL correction programs
- Step-by-step guidance and full execution
- Corrections for plans established elsewhere
Is This Right for You?
Who Should Consider a Solo Plan?
If you work for yourself and want to save seriously for retirement, a solo plan is probably your most powerful tool.
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Company Profile
- Self-employed individuals and sole proprietors
- Partnerships with no eligible employees
- Independent contractors and consultants
- Owner-and-spouse businesses
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When to Consider
- Strong, steady self-employment income
- Outgrowing IRA contribution limits
- Behind on retirement savings
- Looking to reduce taxable income
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Advanced Strategies
- Pairing with a cash balance plan
- Roth contribution options
- Profit sharing contributions
- Catch-up contributions at age 50+
Not sure a solo plan is enough?
Depending on your age and income, a solo plan paired with a cash balance plan could significantly increase your retirement savings potential. Let's run the numbers.
Responsive and very helpful in providing information requested and needed for the audit."
Get Started
Ready to put your business to work for your retirement?
Let's explore how much you could save and build a retirement plan around your business.
Schedule a Free Consultation
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