Cathy from Chicago
Sep 30 2001, 08:11 AM
I have a client who is terminating the company SEP on 12/31 and starting a SIMPLE IRA 1/1/02. Can the existing SEP account money be rolled into the SIMPLE IRA account for each employee? Thanks in advance....
Appleby
Sep 30 2001, 02:29 PM
No - According to IRS Notice 98-4, the only assets that can be contributed , transferred or rolled to a SIMPLE IRA are initial SIMPLE IRA contributions or rollover and transfers from another SIMPLE IRA.
R. Butler
Oct 1 2001, 07:28 AM
Doesn't EGTRRA change that rollover rule?
R. Butler
Oct 1 2001, 07:36 AM
It does not appear that EGTRRA changes the rollover rules to SIMPLE IRA's. Odd.
Appleby
Oct 1 2001, 08:11 AM
…as a matter of fact, EGTRRA pointedly state that the new portability rules does not apply to SIMPLE IRAs.
Therefore, unlike the SEP contirbution increase issue, this is not an oversight, but intentional
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please
click here.