Attorney Single (k) Plan
A One-Participant 401(k) plan, also named Single(k) is a traditional 401(k) plan covering a business owner with no employees. The business owner can have one additional participant if that participant is his or her spouse. The Single(k) has the same rules and requirements as any other 401(k) plan. This type of plan would be advantageous to your 1099 staff as they would be able to defer much greater amounts of their income as opposed to standard IRAs limits. Alexander Shunnarah would not have any involvement in the Single(k) plan and each attorney would select their own options. The benefit to Alexander Shunnarah is that there is an appearance of more benefits from the company although these benefits are paid individually by each attorney. Although payroll deduction is not required, if Alexander Shunnarah allowed payroll deduction for the attorneys, this would be a great option for these attorneys to save for their future. This option may be a stretch for consideration at this point. However, given the state of Social Security, and the savings rates of American, I wanted to make it an available option if possible.