Hi,
I have a simple/ira with a former employer. Obviously I have separated from service but I have not yet met the two year requirement to roll over this account balance to a traditional IRA. Must I meet the two year requirement or does it not apply if I have already separated from service i.e. can I roll it over now?
Thanks!
Chris
Thanks. Follow up question please. The two year anniversary of my first deposit will be Feb. 2018, but because this is a small balance (approx. $2000) my former employer told me I need to roll the money out of the account by the end of the year. I have heard that small 401k’s of former employees of other companies might need to be rollled over in a certain timeframe, but thought that SIMPLE IRAs don’t fall under such rules??? Must I roll the money out of my simple ira by year-end? Thanks again!
Permalink Submitted by Alan - IRA critic on Thu, 2017-11-16 18:12
The two year waiting period still applies, even though you have separated.