401(k) Restatements

The IRS requires that all qualified plans (including solo 401(k) plans) be restated approximately every six years to incorporate any legislative or regulatory changes affecting these plans. These restatements are NOT optional, and failure to complete a proper restatement will be subject to penalties and revocation of tax-favored status. If you are reading this article on our website, our records indicate that you maintain a solo 401(k) plan through our office that needs to be restated. 

On May 14, 2021, Advanta IRA physically mailed the restatement paperwork to all our affected clients. These mailings contained the important plan documents that require your execution to maintain the qualified status of your retirement plan. 

To maintain the qualified status of your plan (and to avoid incurring immediate taxation and possible penalties on the assets in your plan), 
you must sign and return the completed documents to Advanta IRA by July 31, 2022.

To complete the restatement paperwork, you may need to reference the original plan establishment documents you completed when you established your solo 401(k) plan with Advanta IRA. These documents constituted your solo 401(k) “application” whereby you provided:

  • the information on the sponsoring entity,
  • created a name for the 401(k) plan, and
  • identified the trustee of the plan.

When looking at your original application and the forms requested for the restatement, you will notice many similarities.

To complete the restatement documents, you will need to complete the fields indicated on the forms and make any changes (i.e., name change, address change, etc.) on the Adoption Agreement. After completing your Adoption Agreement, please sign where indicated and return only the completed pages to us:

  • Via mail: Advanta IRA – 13191 Starkey Road, Suite 2, Largo, FL 33773
  • Via email: [email protected]  or to your Advanta account manager
  • Via fax: 866-385-6045

If you cannot locate the original package that was sent to you or your original account ownership documents, you can download a copy of these documents at the links indicated below.

Please note that there are two different sets of forms below: one set for solo 401(k) plans that were opened and established before January of 2020, and one set for any solo 401(k) account opened and established in January of 2020 and later. You can also obtain a copy of these forms by contacting your Advanta IRA Account Manager or emailing your request to: [email protected] 

Here are the restatement documents:

401k(s) opened before January 2020

401(k)s opened in January 2020 and later

If you need more information, please schedule a consultation.