Select which type of 401(k) you would like to open:
If you are self-employed, have no employees, and want a plan where Midland is here to answer any questions you may have, this may be the plan for you. This is our most popular 401(k) plan because Midland handles the recordkeeping and administration for your plan, as well as reporting annual distributions to the IRS. This is a great option if you want Midland to help guide you through the ins and outs of your plan and ensure your plan is in compliance with IRS guidelines.
If you are self-employed, have no employees, and have experience managing the ins and outs of your Individual 401(k), this may be the plan for you. This plan is a do-it-yourself approach to 401(k)s, where you are both the Employer and the Plan Administrator. You will be responsible for the recordkeeping and cash flow of assets, as well as handling and completing any applicable tax reporting to the IRS. In this plan, Midland provides you with plan documents and you rely on your own expertise and the expertise of your accountant for questions.