Permalink Submitted by Alan Spross on Sat, 2008-03-08 05:19
It’s probably because this is an employer plan designed to be “SIMPLE” for the employer to administer. Incoming transfers from various other types of retirement plans would complicate administration and defeat the purpose of a basic plan for small businesses. In fact, the plan is designed for frequent transfers of balances OUT of the plan after the 2 year requirement is met.
Permalink Submitted by Alan Spross on Sat, 2008-03-08 05:19
It’s probably because this is an employer plan designed to be “SIMPLE” for the employer to administer. Incoming transfers from various other types of retirement plans would complicate administration and defeat the purpose of a basic plan for small businesses. In fact, the plan is designed for frequent transfers of balances OUT of the plan after the 2 year requirement is met.