We are in process of opening the Pre-Tax bank account. This particular account is being opened in only 1 of the 2 Trustees. Per the adoption agreement, there are 2 Trustees under 1 Solo401K plan.
1) The application is asking: Would you like to add another plan participant?
To clarify – Even tho the account is in the name of only 1 Trustee. The answer would still be yes because there are 2 Trustees in the overall plan — Is this correct thinking?
2) The application and/or bank is asking if we want to have more than one person as a signer on the account?
This is 1 Trustees account. Each Trustee will have their own accounts (pre-tax, roth & after-tax)
So is it allowable to have both of us on each other’s accounts as signers?
Or is this against the rules?