rbridges

Sadly, I think I was talking to an adviser. Fortunately, I was able to reach someone else in the company, and I spoke to Schwab who I have my simple. Both said what everyone else mentioned; I can keep the funds in my simple account and not have to rollover. I'm ok with using mutual funds in the 401k if I'm starting over. I'm 54, so I'm probably going to use a target date fund in the 401k.

I'm not sure how she's compensated. I know we have to pay a small fee ($44/employee) until the accounts hit a certain threshold. I'm interested in the 401k b/c it allows me to stick back more money, but the stocks in my simple have performed well, and I really don't want to roll them into mutual funds.

Thanks. As the business owner and employer, the same rules apply to me, also? I can just let the funds sit in the account and leave them alone while I start a 401k for 2024 with my employees and myself?

It's a small business with 10 employees. I spoke with my possible future advisor, and she said I had to merge the funds from my simple into the 401k. Can I not just keep the funds where they are and start a new 401k? I've read some rules, but I'm not clear. It says you employer cannot have any other retirement plans. I would only have one active retirement plan, but two accounts where funds are located. She works for ascensus, but I want to make sure she is correct. Thanks!