SIMPLE IRA Rollover

Submitted by Anthony Saccaro on Thu, 2012-05-31 19:38

Hello,

Is there any reason that the owner of a company that has 30 employees and that sponsors a SIMPLE cannot roll their own SIMPLE IRA into a traditional IRA, assuming they have had the SIMPLE for more than two years, and then simply keep the plan ongoing?

Thank you!
Anthony

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Permalink Submitted by Alan Spross on Thu, 2012-05-31 21:03

You can transfer amounts out of the SIMPLE IRA into a TIRA as often as you wish after two years. But you would keep the SIMPLE IRA open to receive new contributions.