Rollover 401(k) to simple IRA
Can a 401(k) be rolled into a simple IRA? Each of my employees have their own 401(k) accounts at Schwab. We have terminated the 401(k) and they want their monies rolled into their SIMPLE IRA accounts which we have just established. Each employee has their own SIMPLE IRA account. It is a SIMPLE IRA with our company.
Thank you as always
Permalink Submitted by Alan Spross on Wed, 2012-11-14 20:22
No. The only account that can be rolled into a SIMPLE IRA is another SIMPLE IRA. See the following Rollover chart:
http://www.mhco.com/Library/Articles/2008/ARoll_Chart_011008.html