1Point Launches The SafeSolo 401K Plan.Business Editors DICKSON, Tenn.--(BUSINESS WIRE)--Nov. 7, 2001 According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the National Federation of Independent Businesses The National Federation of Independent Businesses (NFIB) is the largest U.S. advocacy organization representing small and independent businesses. The NFIB has a membership of 600,000 business owners, including commercial enterprises, manufacturers, family farmers, neighborhood retailers, , small businesses create two thirds of all jobs in the U.S. Many of these firms do not offer retirement plans, impacting a large segment of the American workforce. These small businesses do not have plans because of the cost and complexity of administrating a 401(k) plan. 1Point Administrative Services has created the "SafeSolo 401K(R) Plan," which allows small business owners to install a low cost, high-quality 401(k) plan equal to those offered in "Corporate America." The SafeSolo 401K(R) Plan is the first multi-family, fully diversified 401(k) plan designed to help small business owners provide a quality plan for their employees -- and at the same time allow owners to maximize contributions for their retirement needs. Based on the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions, the SafeSolo 401K(R) Plan allows owners and highly compensated executives to contribute up to $11,000 a year. For firms with no employees, discretionary contributions can allow the owner to save up to $40,000 a year. The matching provisions for employees is $1 for $1 for the first 3% of participants' income, and then $.50 for $1 for the next 2% of income. Vesting is immediate. 1Point's President Barry Stokes Barry Wade Stokes (born December 20, 1973 in Flint, Michigan) is an American football offensive lineman who is a free agent of the National Football League. He attended Eastern Michigan University. stated, "There are many business owners with no employees who are entering the last 15 years of their career. They are waking up and realizing they have not saved enough for retirement." Mr. Stokes further commented, "Priced at $300 a year plus $30 per participant, the SafeSolo 401K(R) Plan is affordable for almost any small business or sole proprietorship A form of business in which one person owns all the assets of the business, in contrast to a partnership or a corporation. A person who does business for himself is engaged in the operation of a sole proprietorship. . The plan is easy to implement and administer due to 1Point's investment in technology. It is a completely turnkey plan and requires a minimum amount of effort for the employer." The SafeSolo 401K(R) Plan provides a complete array of mutual fund options such as Fidelity, American Funds  Please see the discussion on the talk page. "All of our socially responsible funds are in the SafeSolo 401K(R)," Mr. Stokes noted. "We also included our faith-based funds such as the Timothy Plan, the Aquinas Funds and the Amidex35 fund. Our marketing programs for these niche markets have been well received and we wanted to extend them to the SafeSolo 401K(R) Plan. Participants have the option of investing all or part of their investments in a socially responsible or faith-based way." The SafeSolo 401K(R) Plan website provides everything a business owner needs to install the plan. All forms can be printed off of the website, completed by the owner and forwarded to 1Point. Almost all administrative work is handled over the Internet. 1Point is a board based benefits administration firm providing a full range of retirement plan, Flexible Spending Account flexible spending account, n an employee reimbursement account primarily funded with employee-designated salary reductions. Funds are reimbursed to the employee for health care (medical and/or dental), dependent care, and/or legal expenses and are and COBRA Administration. 1Point's corporate website is located at http://www.1point401k.com. http://www.safesolo401k.com |
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