Solo K plan termination

[rfahey]

I have a client who has had a Solo K plan for him and his wife for many years. THey are 50 years old. WE are using a "canned plan" with Invesco / Aim Funds.

THey would like to roll these assets out of this plan and into a managed IRA program.

However they also want to continue a solo K plan with another open architecture vendor I am suggesting.

Can we terminate the old plan and start a new one? Final 5500 EZ reguired ?

Any other suggestions ?

Thank you.

[Bird]

You can't terminate a k plan and start a new one within 12 months.

You're letting the investment tail wag the dog - it sounds like what they really want is to have a managed account; I doubt whether they care if it is in an IRA or a 401(k). You probably need a new plan document that allows for the investments they want; it's a continuation of the same "plan" just with different investments.

[K2retire]

They want a "conversion" a "takeover" a "service termination" or service transfer to a new investment provider.