Can SEP IRA Plans divided among 2 Investment Firms
We have a customer who wants to tranfer his SEP IRA account to our firm. He has one Assistant who is leaving her account with the current firm. Is it possible to have the plan assets split between two Investment Firms? If so, what IRS documents need to be in place for this to comply?
Permalink Submitted by Jose Morales on Fri, 2012-02-10 22:02
Each employee to receive a SEP contribution could open their own IRA at different financial institutions and that would be ok. The great thing about an employer offering a SEP is that the account itself is just a Traditional IRA completely controlled by the employee themselves.