Designating beneficiaries

Beneficiaries are required for your Solo 401k. And you, as plan administrator, are responsible for keeping a correct and updated version of the beneficiary designation form at all times.

• When you first established your Solo 401k, you should have completed and saved the form in your file
• At any time, you can also complete another form to designate or update your beneficiaries

Forms to Administer Solo 401k Plan

Completing the beneficiary designation form

• At least one primary beneficiary at 100% is required. Additional primary and contingent beneficiaries are optional.
• If you are married and designating someone other than your spouse as 100% primary beneficiary, the form must be signed by your spouse in the spousal consent section and notarized
• If you are married and designating your spouse as 100% primary beneficiary, the form does not need to be notarized
• If you are single, the form does not need to be notarized
• Your beneficiaries can be updated at any time by you by completing another form and checking “Change” on page 1. 

Who does the form go to?

Once you have completed and signed the form, you would give a copy to:

• Your file as Plan Administrator
• Your co-trustee or successor trustee, if applicable
• The individual/company handling your estate planning matters

Since your plan is structured without a custodian, you are not required to give a copy to Sense Financial. Sense Financial is the document sponsor of your plan only; we are not the custodian since there is no custodian for your Solo 401k.

Your role as Solo 401k plan administrator

For more information

Your plan documents have additional information on designating beneficiaries:

• Defined Contribution Plan Document, page 92, Article VI, Beneficiaries
• Summary Plan Description, page 14, "Distributions" section, Who may I name as my beneficiary?