IRAs into 401k

[Guest stevena1]

COmpany has many ees with IRAs held at one custodian. Co wants to roll IRAs into plan.

(We dont want to set up deemed IRA option in plan, just roll IRA assets into plan as rollovers)

Do IRA assets now become plan assets, subject to all plan rules on distributions etc? I assume no more IRA contributions can then be made to the IRA rollover account (I hope)?

[JanetM]

You can allow folks to roll qualified IRA funds to the plan. You can't force anyone to move the IRA funds into the plan. The funds are now rollover money and subject to the plans rules. Are now plan assets. If you do it this way no IRA contributions can be made to the plan.

[Guest stevena1]

thanks!