MEP's and SEP's

[Kimberly2024]

New to the MEP world.  Can you have a SEP plan join a MEP plan as an adopting employer?  I have a financial advisor wanting to have a current SEP plan come over to a MEP plan and I just don't think that is possible in my thought process.  Any language/proof that you can provide that I can provide to the financial advisor would be great.  Thank you.

 

[Gina Alsdorf]

Silly question, but why not just stop funding the SEP after this year and join the MEP?  As I was taught, you can't move IRAs into a Plan omnibus. It doesn't work that way.  

[Kimberly2024]

Thank you, Gina.  That was my thought as well.

[TFB3]

We run Group Trust that accommodates 408 plans

Tom Barrett

[PEP-HUB.com]

7 hours ago, Kimberly2024 said:

New to the MEP world.  Can you have a SEP plan join a MEP plan as an adopting employer?  I have a financial advisor wanting to have a current SEP plan come over to a MEP plan and I just don't think that is possible in my thought process.  Any language/proof that you can provide that I can provide to the financial advisor would be great.  Thank you.

 

SEP, as in a single employer plan? What type of MEP, traditional or PEP?

[Bri]

15 hours ago, PEP-HUB.com said:

SEP, as in a single employer plan? What type of MEP, traditional or PEP?

Simplified Employee Pension, funded with IRAs