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Waiting period to start simple-IRA?

Guest mivcevich

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Guest mivcevich

A company is downsizing and would like to go from a 401K plan to a simple-IRA plan. They stopped contributing to the K plan in 2004 and submitted paperwork to terminate the plan in December of 2004. Can they immediately start a simple-IRA plan in 2005 and not violate the exclusive plan rule?

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