You fulfill four separate roles in your Solo 401k with Nabers Group:
You are the 401k plan administrator
You are an employee participating in your plan
You are the employer/business owner sponsoring the plan
You are the plan trustee deciding where to invest plan assets
That means you'll sign different documents in setting up and maintaining your plan. Sometimes you might sign the same document twice, with each signature reflecting a different role you play in the 401k plan.
Let's have a quick review of terms:
Participant: Someone who receives benefits under an employer sponsored retirement plan. When you are an active participant, you can roll over funds into your Solo 401k and contribute new funds to the 401k based on your net compensation from the business connected to your Solo 401k.
Trustee: Retirement plan law requires plans to hold their assets in a trust fund for the benefit of the employees. The trustee has the primary fiduciary responsibility to make sure the assets are managed/invested in the best interest of the plan participants and beneficiaries. Since you both the trustee and participant, make investment decisions that will benefit you most favorably while remaining compliant.
Administrator: The person responsible for managing the daily goings on of the 401k plan. The administrator is also responsible for strategic decisions regarding the plan.
Employer: The business connected to the Solo 401k plan. The sponsoring business revenue and its net compensation to you as both the employee and employer of the business is what determines how much new money can be contributed to your Solo 401k plan.
Your Solo 401k is a define contribution plan, which generally means that both the employer and employee make contributions on a regular basis.
Have fun and stay compliant when using your Solo 401k. Since you play many roles, you also hold the responsibilities of ensuring those roles are carried out responsibly and compliantly. Make sure you have a team of trusted advisors including your CPA to help you navigate the waters of the self-directed investing industry.