Guest SPollock Posted September 23, 1999 Share Posted September 23, 1999 I have a client who will be terminating their Profit Sharing Plan and we will be setting up a SIMPLE IRA plan. Can the employees rollover over their account balances into their SIMPLE IRA account or must they set-up a regular IRA outside the SIMPLE plan? Thank you! ------------------ Link to comment Share on other sites More sharing options...
Kathy Posted September 25, 1999 Share Posted September 25, 1999 Wouldn't it be SIMPLE if they could? But, alas, no. The employees must establish separate IRAs to recieve their rollover distributions (or they can roll into existing traditional IRAs if they never mean to roll the money back into another qualified plan in the future.) SIMPLE IRAs may only receive SIMPLE contributions through an employer. Link to comment Share on other sites More sharing options...
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