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Showing results for tags '60 days'.
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I know you are only permitted to take a distribution from an IRA and re-contribute it back within 60 days to avoid taxes 1 time per year. Is there a limit on how many times this can be done per year in a 401k plan? I would think there are no limits since I can take multiple distrubutions from a 401k plan (assume age 59.5) within a given year, and as long as those distributions are rolled into an IRA within 60 days, it is not taxable ignoring the taxes that were withheld on the initial distribution. I have a potential client that took 5 distributions (taxes withheld) from his 401k plan in 2015, but paid all disitrubitons back with 60 days. I beleive this is OK, please let me know your thoughts. Thanks
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Employer terminates SIMPLE plan without giving employees notice
Guest posted a topic in SEP, SARSEP and SIMPLE Plans
Last year, my company burned through their 100+ employee grace period with the SIMPLE IRA. This year, around January 10th, (5 days before our first paycheck of the year), we were informed that the company could no longer offer the SIMPLE program. This sounds a lot like the employer is breaking several rules. 1. Operating a SIMPLE IRA with over 100+ employees (as of January 9th, of this year, employees knew nothing of the situation) 2. Terminating the SIMPLE plan without giving employees 60 days notice 3. Terminating the SIMPLE plan mid year My employer claims to be searching for a 401k program, and hopes to have one available within the next few months. Several employees are considering leaving this employer and would like to know if anyone has thoughts / ideas as to what may be done to handle this situation from the employee's perspective.
