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Terminating 401(k), Starting a SIMPLE -- Unhappy About 2-Year Waiting Period
BenefitsLink Message Boards Link to more items from this source
Dec. 21, 2018
I am helping a non-profit organization terminate its 401(k) and start a SIMPLE IRA program. They have only two employees, so the admin costs of a 401(k) plan didn't make much sense. Is there a way around the 2-year rule for rolling money into the SIMPLE? I guess I don't really understand why people are prohibited from rolling money into a SIMPLE IRA for two years. Are there any penalties for rolling money in before the plan has existed for two years? Would it simply be considered a taxable distribution?

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