SoloK - need new provider

[morris]

I have a Solo K with TD Ameritrade, that has a mixture of traditional and Roth contributions. I just got a letter from TDA that, as a part of their merger with Schwab, they will no longer allow accounts with Roth contributions after December 2022. They gave a list of 3 suggested new providers: 1) The Retirement Plan Company, LLC, 2) Ubiquity Retirement + Savings, and 3) Ascensus. I've never heard of any of them. There is an additional option to have a third party administrator (TPA) roll the accounts into a trust or something like that, and leave it at TDA. That option, I'm guessing, would be by far the most expensive choice. If there's one thing I've learned from following the White Coat Investor for many years, it's keep fees down as much as possible. So I would like recommendations about who to move these accounts to. Obviously, Schwab isn't an option.

Also I have to re-state a lot of the documentation for the SoloK by July 31 as part of a "Cycle 3" whatever that is. I don't think it's anything I can't handle, but are there any tricks or traps in filling out these forms? Messing something up, they warn, can disqualify your plan and trigger a huge tax/penalty event.

[Tangler]

Fidelity is what my wife uses. I use vanguard but i do not know if vg takes roll overs.

[childay]

Fidelity is what my wife uses. I use vanguard but i do not know if vg takes roll overs.

We us fidelity but I don't think they do roth.
Presumably you can use your current plan document. I would start with Ascensus. And page spiritrider

[spiritrider]

Ignore the recommendations from Schwab/TDA. That is their attempt to retain the assets.

If you have no future need for Roth 401k contributions. Schwab or Fidelity would both be reasonable options. You would then rollover Roth 401k assets to a Roth IRA, but they can never be rolled back to a Roth 401k.

Your best fee free provider for a one-participant 401k with a designated Roth account is E-Trade, then Vanguard.

Regardless of where you go, you must restate your plan by 7/31/22. Then whoever you choose to go with. The process is:

• Amend your one-participant 401k plan to the new provider using the amendment section of their adoption agreement.
• Open a traditional 401k account and if available a designated Roth account.
• Do a trustee - trustee transfer of the assets.

[GasFIRE]

I have a Solo K with TD Ameritrade, that has a mixture of traditional and Roth contributions. I just got a letter from TDA that, as a part of their merger with Schwab, they will no longer allow accounts with Roth contributions after December 2022. They gave a list of 3 suggested new providers: 1) The Retirement Plan Company, LLC, 2) Ubiquity Retirement + Savings, and 3) Ascensus. I've never heard of any of them. There is an additional option to have a third party administrator (TPA) roll the accounts into a trust or something like that, and leave it at TDA. That option, I'm guessing, would be by far the most expensive choice. If there's one thing I've learned from following the White Coat Investor for many years, it's keep fees down as much as possible. So I would like recommendations about who to move these accounts to. Obviously, Schwab isn't an option.

Also I have to re-state a lot of the documentation for the SoloK by July 31 as part of a "Cycle 3" whatever that is. I don't think it's anything I can't handle, but are there any tricks or traps in filling out these forms? Messing something up, they warn, can disqualify your plan and trigger a huge tax/penalty event.

I agree with spiritrider 's recommendations if you no longer need/want Roth 401k contributions. If you still want to make Roth employEE contributions, as noted ETrade and VG still allow for this. If you are interested in maximizing Roth accounts beyond the employEE contribution, the TPA suggestion is a viable option if your plan is amended to allow the Mega Backdoor Roth via after-tax 401k contributions. Your income and employment situation help determine which approach is optimal for your particular circumstances.

[morris]

Thank you all for your insights and suggestions. Much appreciated.