Jump to content

Rollovers TO a SIMPLE IRA


Guest SPollock

Recommended Posts

Guest SPollock

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

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

Guest
This topic is now closed to further replies.
×
×
  • Create New...