Author Topic: 401k plan for only employee in US  (Read 906 times)

mommymustachian

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401k plan for only employee in US
« on: June 09, 2020, 10:35:43 AM »
I was hoping to get some guidance on how my new employer can set up a 401k plan for me (and potentially future individuals I hire) when I am the only US based employee.
The company has hundreds of employees globally so not sure of a solo 401k would work here. Any assistance would be greatly appreciated!

mommymustachian

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Re: 401k plan for only employee in US
« Reply #1 on: June 09, 2020, 08:25:46 PM »
Bumping!

ixtap

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Re: 401k plan for only employee in US
« Reply #2 on: June 09, 2020, 08:35:54 PM »
Are you W-2 or 1099?

mommymustachian

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Re: 401k plan for only employee in US
« Reply #3 on: June 10, 2020, 05:54:42 AM »
I'll be w2

terran

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Re: 401k plan for only employee in US
« Reply #4 on: June 10, 2020, 06:18:01 AM »
I agree a solo 401(k) probably isn't and option so I don't think there's much way they can do this without just signing up with a 3rd party administrator for a full 401(k). Here are a couple of small business 401(k) providers I've seen recommended: https://www.guideline.com/ and https://www.employeefiduciary.com/.

I'd contact them and see if they might be able to set something up in a situation like this. Make sure they know this is a foreign employer and that there are foreign employees who won't be covered as that might effect what they can for you.

For the employer, make sure they know that 1) this is something that's important to you and 2) it's something that's expected in the US employment marketplace so it will be helpful when you start hiring additional employees.