A Fidelity self-employed 401(k) plan can be set up by phone or through its website. It requires three steps for opening a plan, establishing accounts and contributing to the account, according to Fidelity.
To get started setting up a self-employed 401(k) through Fidelity, appoint a plan administrator, or someone who looks after the administrative responsibilities and makes sure the 401(k) is operating according to the plan document, states Fidelity. The plan administrator could be the one setting up the account or her accountant. To open an account, Fidelity has retirement plan and basic plan documents that can be downloaded through the website. Once these have been read, the person setting up the account downloads and fills out the Adoption Agreement, which is then sent to Fidelity.
After everything is set up, contributions to the 401(k) can be mailed to Fidelity or salary deferral elections can be set up, explains Fidelity.