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25% penalty in 1st 2 years


Guest bmurphy
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Guest bmurphy

Company adopted a SIMPLE plan with Custodian A in 1999. May 2003 plan was transferred to Custodian B. Does the 2-year rule regrading the 25% penalty for early withdrawals start with the employee's first date of participation with Custodian A or does it re-set when the plan moved to Custodian B?

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