Closing 401k Opening a Simple IRA
I was reading on the PayChex 401k Closing paperwork and it said if the plan is closed you can not open a new qualified retirement plan for at least one year after all assets have been distributed.
Since Simple IRA’s are “different” I am wondering if this rule applies to them?
Thank You!
Permalink Submitted by Alan - IRA critic on Thu, 2016-12-15 03:36
Yes, a SIMPLE IRA is an allowable exception to the “successor plan rule”. https://www.mhco.com/BreakingNews/APlanRul_093014.html
Permalink Submitted by James Arnold on Thu, 2016-12-15 08:52
Thank you Alan, this is a great resource and I apprciate your reply too.