Subscribe Now!
Free Daily News, Jobs, Webcasts, Discussions
Display and Distribute
Your Job Openings
COVID-19 News
COVID-19 Webcasts

Featured Jobs

Qualified Plan Administrator

Clark Schaefer Hackett
(Cincinnati OH / Miamisburg OH / Columbus OH)

Clark Schaefer Hackett logo

Distribution Specialist

Carpenter Morse Group
(Telecommute / Longwood FL)

Carpenter Morse Group logo

Retirement Plan Consultant

Definiti
(Telecommute / Dallas TX / University Place WA / Spring TX)

Definiti logo

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

<< Previous news item   |   Next news item >>



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?

Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).
An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).
© 2020 BenefitsLink.com, Inc.