Q.: I have a side business which has become quite profitable over the last couple of years. I heard that the self-employed may establish a "solo" 401(k) plan. Does this plan have any relationship to the 401(k) Plan offered by the city? Can you elaborate? A. C.
A.: You may contribute to the Deferred Compensation 457(b)/401(k) Plan of the City of New York and, at the same time, to a solo 401(k) Plan that you establish. Only two people may benefit from the solo 401(k) plan, you and your spouse or domestic partner. For additional guidance and investment of contributions, I suggest you use the Vanguard Group: 1-800-662-CREW.
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