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401(k) and SIMPLE IRA

Guest ars

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I am reltivly ignorant on this subject matter so any help is appreciated.

Currently my client has a 401(k) plan, it was part of a control group but due to change in ownership it must now be split into 3 seperate plans. The 3 new organizations would have less than 100 employees in each.

Can the 401(k) be terminated and then a SIMPLE IRA be setup?

Does this seem ideal or is there anything else I should be considering. I understand the setup of a SIMPLE IRA but am interested in other peoples experience with possible regularoty issues and conversion experience.


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