PRO K is a new retirement option under USPTA Retirement Gold+ program. With PRO K you are now eligible for a 401k plan even though you are self-
There are two contribution levels. There is a “Salary Contribution” which allows 100% of pay up to $18,000 with an additional $6,000 if over age 50. On top of that there is a “Profit Sharing” contribution which is capped at an additional $36,000 however higher amounts of income will be needed to reach that level.
Should your tax situation benefit from a contribution that is taxed today but tax free at retirement, a 401k allows the “Salary Contribution” to be classified as Roth thus providing a substantially higher limit than a Roth IRA.
You can take up to 50% of your account balance, including rollovers, at any time as a loan. The loan interest is set by regulation however the loan rate is academic in that the interest is paid back to you. People have found this feature particularly helpful to meet short term cash needs.
Retirement Account Consolidation
You can transfer your current IRA or 401k accounts into this plan. By doing this you avail yourself to what could well be lower expenses, more attractive investments, and access to the funds you cannot source elsewhere. Moreover, your entire retirement account can be calibrated to your retirement needs and goals.
In a 401k plan fund companies will lower their minimums for their lowest cost fund shares or have special share classes. 401k plans also enjoy an investment called Stable Value where you can invest without market risk and receive a return better than a cash account.
Funds for the program are pre-
Simplified Administration and Comprehensive Service
Compliance with the 401k regulations is handled for you. That includes the 5500 filing. The client service phone is answer directly by service staff ready to help. A participant website with account information and transaction ability is provided.
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