doombuggy Posted December 30, 2005 Share Posted December 30, 2005 My boss just asked me to post this here: We have a new client that has an existing SIMPLE-IRA plan. The client provided the needed notification prior to the 60 day deadline. Subsequent to that notification, they decided to implement a 401k plan. The financial institution told them they have to wait for 2 1/2 months before they can do this. They did not provide a cite and I couldn't locate anything in Sal's book [The ERISA Outline Book] that indicates this limitation exists. Here's what they want to do: 1 Stop contributions to the SIMPLE-IRA effective 12/31/05. 2. Start a new 401k plan effective 1/1/06. Can this be done? Any thoughts? Thanks for the help! QKA, QPA, ERPA Link to comment Share on other sites More sharing options...
Gary Lesser Posted January 25, 2006 Share Posted January 25, 2006 Sure. Nice cat. Link to comment Share on other sites More sharing options...
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