Self-Employed 401(k): Getting Started
Follow these step-by-step instructions to set up your Self-Employed 401(k) or call us at 800-544-5373 for guidance throughout the entire process.
Appoint a Plan Administrator—someone who takes care of administrative responsibilities and ensures the plan is operating according to the Plan Document.
Because a Fidelity plan is easy to maintain, the employer usually acts as the Plan Administrator. You may also name another person at your firm, or your accountant, as the Plan Administrator. Learn more about the duties of the Plan Administrator.
- Download, print, and read the Defined Contribution Retirement Plan Basic Plan Document No. 04 (PDF)
- Download, print, and complete the Self-Employed 401(k) Adoption Agreement (PDF)
- Download, print, and complete the Trust Agreement (PDF)
- Be sure to sign and date the Adoption Agreement and Trust Agreement and return the original forms to Fidelity Investments
- Keep copies of all documents and records for your permanent company Plan records
To fully establish your Plan, you will also need to send at least one completed Self-Employed 401(k) Account Application, along with the Adoption Agreement, to Fidelity - click on the "Establish Accounts" tab to learn more.
- Complete a Self-Employed 401(k) Account Application for yourself and each participating owner (including the business owner's spouse, if applicable).
- Download, print and read the following documents and provide copies to each eligible business owner:
- Customer Agreement and the Brokerage Commission and Fee schedules (PDF)
- Fidelity Government Cash Reserves prospectus. This is the fund that will form the core account for Fidelity Retirement Plan brokerage accounts. Read the prospectus carefully before you invest or send money.
- Self-Employed 401(k) account application
- Complete, sign, and return the Adoption Agreement, along with the original Account Application(s), the last item in Step 2, to:
PO Box 770001
Cincinnati, OH 45277-0036
Once you have established your Self-Employed 401(k) Plan and any new account(s), the next step is to contribute to your 401(k).
You can use the Contribution Worksheet (PDF) to calculate your annual contributions.
To mail contributions to Fidelity
- Make your check payable to Fidelity Investments. Include your account number in the memo section of the check.
- Include a completed 401(k) Contribution Remittance Form (PDF) with your check, each time you contribute to your plan.
- Mail the check and completed remittance form to:
PO Box 770001
Cincinnati, OH 45277-0003
To set up salary deferral elections
- You can use the sample 401(k) Salary Reduction Agreement Form (PDF). Fill it out yourself and have each participating owner (including the business owner's spouse, if applicable) fill it out as well.
- Keep this form for your records and do not forward to Fidelity.
To roll over other plan assets
If you already have a retirement savings plan for your business, you may be able to roll over or transfer existing plan assets to a Self-Employed 401(k). Consult with your tax advisor or benefits consultant prior to making a change to your retirement plan.
Assets from the following plans may be eligible to be rolled over into a Self-Employed 401(k):
- Profit Sharing, Money Purchase, and 401(k) plans
- SEP IRAs and SARSEPs
- SIMPLE IRA accounts after two years of SIMPLE participation
- 403(b) and governmental 457(b) plans
- Traditional IRAs
Call a retirement specialist at 800-544-5373 to get help with a rollover into a Fidelity Self-Employed 401(k).
The deadline for depositing your employer profit-sharing contributions for the current calendar year is the business’ tax-filing deadline, plus extensions (for unincorporated businesses, this date is usually April 15 of the following year, plus any extensions).
The deadline for depositing your employee 401(k) salary deferrals for owner-only plans is generally by your tax-filing deadline, plus extensions.1
Incorporated business owners (including spouses) must make a written salary deferral election by the end of your tax year.2
Unincorporated business owners must generally make a written salary deferral election by the end of your tax year.
If you have any questions, call 800-544-5373 to speak with a Fidelity small-business retirement representative.