SIMPLE IRA to 401k
If a company chooses to switch to a 401k from a SIMPLE does each individual participant have to wait 2 years from their start date in the plan before moving their money to the 401k, or as long as the plan itself is over 2 years then all participants can shift their assets over?
Thanks,
Permalink Submitted by Alan - IRA critic on Tue, 2018-01-23 17:14
The only exception to the 2 year waiting period is a transfer to another SIMPLE IRA. Therefore, each employee will have to wait until the 2 years is completed before doing a direct rollover to the new plan or IRA. The termination of the SIMPLE IRA plan does not affect the 2 year waiting period.