Contributions

• Brokerage – if you are transferring from a brokerage account, you will need to wait until Voya gives you the go ahead. It may take a little bit to get everything all set up, but transfers from brokerage accounts usually occur relatively quickly. You can use a sample letter like the one listed here.
• Main Providers – if you are transferring from one of the main retirement plan providers (Nationwide, Transamerica, Empower, etc…), they usually have 30 or 60 days advance notification prior to transferring. Get the process started right away by completing a sample letter and sending it to your main contact at their office. You can use a sample letter like the one we created here.
• Keep Existing Plan – This is rare, but you may want to keep the existing plan and not move the assets. If that is the case, you should let us know as soon as possible so we are able to change the IRS plan number. You would then have 2 retirement plans and would need to file 2 5500 Forms for the plans. It’s possible, but rarely heard of. You can maintain 2 different Solo(k) plans, but proceed with caution on the confusion that can happen upon maintaining 2 different plans.

2. How to transfer over your prior employer’s 401(k), Roth 401(k), 403(b) Plan

• Once again, you should wait until you have been notified by Voya that everything is set up and ready to receive contributions. The process for converting over a balance form a prior employer’s retirement plan is the generally the same for each type of plan. You should contact your old employer or your old employer’s retirement plan financial advisor. They will be able to provide the instructions (either provide forms or website access) as to how to process a distribution from your account.
• For information as to how to transfer the assets – contact NaTasha Johnson from Voya at [email protected].

3. How to transfer over other retirement accounts (IRA, SEP, SIMPLE IRA, etc…)

• IRA’s are generally going to be able to be rolled into the plan by completing a sample letter like the one attached here.
• Roth IRA’s are not allowed to be rolled over to a 401(k) Plan. This is an IRS restriction.

Notes on Roth Contributions:

• The Employee Roth Deferral and Catch-up are employee contributions and generally must come as a reduction from W2 wages.
• The Catch-up amount is only available to those that are age 50 or older. Those under 50 can still contribute a. and c. for a total of $69,000.
• *The Employer Contribution would need to be given as pre-tax and then process a Roth Conversion.
• Starting in 2025, you should be able to give Employer Contributions directly as Roth.
• In order to contribute $46,000 in Employer Contributions, you would need to have at least $184,000 (25%) in W2 wages or $230,000 (20%) in self-employment income.
• In order to contribute the full employee amount, you need to make at least that same amount in self-employment income or $24,906 of W-2 wages (plus an extra $8,122 of W-2 wages if you are over 50 and want to contribute catch-up).

• Enter sample information in, and it will instantly give you the maximum contribution levels. Make sure to hit the ‘Report’ button to get the breakdown between Employee vs Employer level contributions.
• Make sure you run all contribution levels by your CPA/Accountant to have them recheck the numbers for accuracy.
• We did not create the calculator, and thus are not responsible for its accuracy.
• Please let us know if you have any questions on the calculations and we will be happy to see if we can help. Please feel free to contact us at [email protected]
• Access the calculator here.

Retire4one does not normally calculate the employer contribution amount allowed per year. This is something that is usually completed through your CPA/Accountant, please make sure to provide all contribution details to them. If you do require assistance in calculating out the maximum contribution amounts allowable to you, we can accommodate such a request, but we would need to charge for that additional service.

Check out our comparison calculator. Enter sample information and it will report the different amounts that you are allowed to contribute to the plan.