Per Diem Rates from the U.S. General Services Administration
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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
Setting Up a Qualified Plan
If you're self-employed, you may set up a qualified plan even if you're the only person working in your business. You must adopt a written plan. You can design your own qualified plan to meet certain needs or use an IRS-approved master or prototype plan offered by a sponsoring organization.
Master or Prototype Plans
Most qualified plans follow a standard form of plan (a master or prototype plan) approved by the IRS. Master and prototype plans are made available by plan providers for adoption by employers (including self-employed persons).
Master plan:
Under a master plan, a single trust or custodial account is established as part of the plan for the joint trust of all adopting employers.
Prototype plan:
Under a prototype plan, a separate trust or custodial account is established for each employer.
The following organizations generally can provide IRS-approved master or prototype plans:
- Banks:
- Savings and loan associations
- Federally insured credit unions
- Trade or professional organizations
- Insurance companies
- Mutual funds
Individually Designed Qualified Plan
You may submit a determination letter application if your individually designed plan is:
- Seeking an initial favorable determination letter
- A terminating plan
- Seeking a ruling on a partial termination
- A plan that meets certain circumstances in IRS guidance (Rev. Proc. 2019-20)
- Plan mergers – may submit applications of certain merged plans on a continuing basis
Two Steps in Setting Up a Qualified Plan
- Adopt a written plan
- Invest the plan assets
STEP 1: Adopt a written plan
- To qualify, the plan you set up must be in writing and must be communicated to your employees.
- The plan can be an IRS-approved master or prototype plan offered by a sponsoring organization.
- The plan may also be an individually designed plan.
- The plan's provisions must be stated in the plan.
- It is not sufficient for the plan to merely refer to a requirement of the Internal Revenue Code.
Mater or Prototype Plans:
Most qualified plans follow a standard form of plan (a master or prototype plan) approved by the IRS.
Mater and prototype plans are plans made available by plan providers for adoption by employers (including self-employed individuals).
- Master plan:
- Under a master plan, a single trust or custodial account is established, as part of the plan, for the joint use of ALL adopting employers.
- Prototype plan:
- Under a prototype plan, a separate trust or custodial account is established for EACH EMPLOYER.
Plan providers include:
- Banks, including:
- Federally insured credit unions
- Savings and loan associations
- Trade or professional organizations
- Insurance companies
- Mutual finds
STEP 2: Invest the plan assets
In setting up a qualified plan, you arrange how the plan's funds will be used to build its assets.
- You can establish a trust or custodial account to invest the funds.
- You, the trust, or the custodial account can buy an annuity contract from an insurance company. Life insurance can be included only if it is incidental to the retirement benefits.
- You, the trust, or the custodial account can buy face-amount certificates from an insurance company. These certificates are treated like annuity contracts.
You set up a trust by a legal instrument (a written document). Professional help may be needed for this. You can set up a custodial account with a bank, savings and loan association, credit union, or other person who can act as the plan trustee. You do not need a trust or custodial account, although you can have one to invest the plan's funds in annuity contracts or face-amount certificates. If anyone other than a trustee holds these items, the contracts or certificates must state they are not transferable.