Cathy from Chicago Posted September 30, 2001 Share Posted September 30, 2001 I have a client who is terminating the company SEP on 12/31 and starting a SIMPLE IRA 1/1/02. Can the existing SEP account money be rolled into the SIMPLE IRA account for each employee? Thanks in advance.... Link to comment Share on other sites More sharing options...
Appleby Posted September 30, 2001 Share Posted September 30, 2001 No - According to IRS Notice 98-4, the only assets that can be contributed , transferred or rolled to a SIMPLE IRA are initial SIMPLE IRA contributions or rollover and transfers from another SIMPLE IRA. Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com Link to comment Share on other sites More sharing options...
R. Butler Posted October 1, 2001 Share Posted October 1, 2001 Doesn't EGTRRA change that rollover rule? Link to comment Share on other sites More sharing options...
R. Butler Posted October 1, 2001 Share Posted October 1, 2001 It does not appear that EGTRRA changes the rollover rules to SIMPLE IRA's. Odd. Link to comment Share on other sites More sharing options...
Appleby Posted October 1, 2001 Share Posted October 1, 2001 …as a matter of fact, EGTRRA pointedly state that the new portability rules does not apply to SIMPLE IRAs. Therefore, unlike the SEP contirbution increase issue, this is not an oversight, but intentional Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com Link to comment Share on other sites More sharing options...
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