Can I still keep my Solo 401k?

QUESTION:

Suppose I get sick & become disabled & not able to work, what do I do to keep my Solo 401K legit?
Do I keep it since business is closed or what are my options? It IS with Fidelity . Reason I ask, is most likely I will be disabled soon, do to illness that recently happen to me.
 

ANSWER: 

While each case is based on facts and circumstances, the IRS has defined a plan termination as when the plans is being ceased and befits will be distributed as soon as administratively feasible. If the intent is to have the benefits remain in the plan until a normal distributable event occurs (e.g., attainment of age 59 1/2), the plan will be considered to be frozen, not terminated. Therefore, freezing the plan is a good alternative to termination when the employer does not want to distribute benefits. When a plan is frozen, no additional contributions can be made, but the benefits are not distributed until a normal distribution event occurs. In all other respects, the frozen plan is active, requiring it to file all annual reports with the government and to keep up with the amendments required by changes in the law.

For additional information on the solo 401k rules, CLICK HERE.