Yes. The Rocket Dollar Self-Directed 401(k) is a QRP according to the tax code Section 401 (a).
Where is this in the tax code?
This is according to tax code Section 401 (a). A qualified retirement plan falls under ERISA guidelines and regulations. (The Employee Retirement Income Security Act of 1974)
What is a qualified retirement plan?
A qualified retirement plan is a retirement plan recognized by the IRS where investment income accumulates tax-deferred. Common examples include individual retirement accounts (IRAs), pension plans, and Keogh plans. Most retirement plans offered through your job are qualified plans.
Qualified retirement plans are any plans that meet the specifications laid out in Section 401(a) of the U.S. tax code. There are several types of plans, including defined contribution plans and defined-benefit plans.
Defined contribution plans include 401(k) and 403(b) plans.
What is an EQRP? or Enhanced Qualified Retirement Plan?
Some Solo 401(k)s with checkbook control have been sold under the term "Enhanced Qualified Retirement Plan" or EQRP. In reality, this term does not exist under any US tax law, IRS guidance, official communication. It is simply marketing branding, combining a standard IRS term with "Enhanced" by a competitor to Rocket Dollar.
- If you are looking for Rocket Dollar's Product that matches up to the EQRP, Rocket Dollar offers the Self-Directed Solo 401(k) starting at $360 and $15 a month.