The Process — What Do I Actually Need to Do?
What do I need to do to transition an existing Solo(k) plan to Aboon, and what does the client need to do?
What do I need to do to transition an existing Solo(k) plan to Aboon, and what does the client need to do?
Your client completes everything electronically through Aboon's platform in about 15 minutes:
You invite your client to Aboon.
Your client accepts the invite, creates an Aboon account, and answers a few questions to confirm eligibility for a Solo(k). If a Solo(k) isn’t the right fit, they’ll see an on-screen message explaining why and be redirected back to you.
Your client provides business details along with basic plan and trustee information, reviews the plan summary, sets up monthly billing, accepts the service agreement, and signs the plan document.
A signed copy of the plan document is saved to the client portal and shared with you.
Before starting, clients should have ready:
Business details: name and address, business type, and Employer Identification Number, or EIN (this is required even for sole proprietors and cannot be a Social Security number). Clients who don’t have an EIN can get one free from the IRS in about five minutes. Our app will direct them there.
Signer details: name and email of the signer (typically the business owner) and any other trustees (often a spouse employed by the business or a business partner).
For a transition (restating an existing plan): plan name, 3-digit plan number, and original start date, which are all found on the first pages of the current plan document (also called an adoption agreement).
Do I need to fill out any paperwork to start the plan document update with Aboon?
Do I need to fill out any paperwork to start the plan document update with Aboon?
No. Your client handles everything electronically directly through Aboon's online platform. You don't need to complete, sign, or submit anything.
How long does the plan document transition take?
How long does the plan document transition take?
The plan document process with Aboon takes about 15 minutes.
I have several clients. Can I do this in bulk?
I have several clients. Can I do this in bulk?
Each client will need to go through the plan document process individually, as their business information and plan details are unique.
My client is starting a brand new Solo(k) plan. What's the process?
My client is starting a brand new Solo(k) plan. What's the process?
Your client completes everything electronically through Aboon's platform in about 15 minutes:
You invite your client to Aboon.
Your client accepts the invite, creates an Aboon account, and answers a few questions to confirm eligibility for a Solo(k). If a Solo(k) isn’t the right fit, they’ll see an on-screen message explaining why and be redirected back to you.
Your client provides business details, reviews the plan summary, sets up monthly billing, accepts the service agreement, and signs the plan document.
A signed copy of the plan document is saved to the client portal and shared with you.
NOTE: An Employer Identification Number (EIN) must be used when setting up a Solo(k) plan. A Social Security number cannot be used, even for a sole proprietor. If the client does not have an EIN, they can apply directly with the IRS for free and receive a number within 5 minutes: https://www.irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number
New plans also require the client to open and fund the investment account, a separate process that you and your client will handle directly.