How to Open a Fidelity 401k Plan Online
A 401(k) plan is an employer-sponsored retirement plan available for both small and large companies. This widely-used retirement savings vehicles lets employees make tax-free contributions. Opening a Fidelity 401(k) plan for a self-employed small business is a simple process, with instructions and paperwork easily accessible on Fidelity's website.
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Instructions
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Visit Fidelity's website and click on the "Open An Account" tab to begin the process of opening a 401(k) plan.
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Click "Open Now," since you already know you want to open a 401(k). If you need help deciding on an account type, though, Fidelity can walk you through the account selection process to find what account best suits your needs. Simply click "Help Me With my Selection."
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Scroll down the list of accounts and choose the Self-Employed 401(k) plan. This plan is for small business owners who employ only themselves or themselves and a spouse. Begin the process of opening a Self-Employed 401(k) plan by downloading the 401(k) application, which is easily done by clicking "Download a Self-Employed 401(k) Enrollment Kit."
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Print the downloaded kit, then read and sign the Adoption Agreement to adopt your Self-Employed 401(k) plan. In addition, complete the 401(k) Account Application. Mail all completed forms to the address provided by Fidelity.
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Begin contributing to your Self-Employed 401(k) plan by mailing a check to Fidelity along with Fidelity's 401(k) Contribution Remittance Form. Bear in mind that the IRS sets a maximum amount you can contribute to your 401(k) each year. For current maximum contribution limits, visit the IRS website.
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Tips & Warnings
To open a 401(k) plan for a large business, contact Fidelity directly at the phone number listed on their website. The rules for a large 401(k) plan differ from a Self-Employed 401(k) plan, so one of Fidelity's Retirement Specialists can assist you in setting up a plan for your large business.
