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|Subject: Profit Sharing -- Transfer to IRA?||Date: 3/16/2006 11:38 AM|
|Author: jmbarnes||Number: 50535 of 73980|
My old employer offered a profit sharing plan where they would make yearly contributions at their discretion. When I left the company, I was fully vested into this plan, but I don't know my options for where to put this money.
I'm assuming it is a qulified retirement plan which I could just roll into an IRA. Anyone have insight into profit sharing plans? I am unfamiliar with this beast.
The other variable here is that I'm now self-employed. I'd guess that I could instead use the funds to set up a SEP or SIMPLE for my own business. In any case I need to get that $$ back under my control... I don't like the idea of just having it sit in the account of my former employer.
Cheers & TIA,
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