The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Simple IRA initial investment question||Date: 7/15/1999 10:03 AM|
|Author: James51||Number: 12197 of 78166|
<<Clear as MUD, eh?>>
When is legaleze ever clear to the masses? :-)
Actually, it's rather straight-forward to me. The document says that in the first
two years of participation in the plan you may not transfer money in the SIMPLE
to anything else except another SIMPLE. After two years has run, then you are
free to transfer the proceeds to any IRA of your choice. Do so before the two
years are up, and the transfer will be disallowed, you will be taxed on the entire
amount, and you will be assessed an additional 25% excise tax as a penalty.
This is an interesting thread. I will soon be participating in my employer spondored 401K plan. I have searched through "The Foolish Retirement Plan Primer" and , as far as I can tell, it's a 401K, not a "SIMPLE-IRA"