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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75336  
Subject: Re: Converting Keogh to Sep-IRA Date: 12/22/1999 10:34 AM
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Greetings, Tom, and welcome. You asked:

<<Does anyone know if I can "roll" my Money Purchase and Profit Sharing Plan money that I have had for a number of years into a SEP-IRA?

When talking to Vanguard (some younger adult on the telephone) they said that it would not be a problem and the one disadvantage was that I would not be able to roll it back once I rolled it to the SEP. Does this coincide with anyone familiar with this? I would hate to base my decision on what someone in customer service at Vanguard told me.>>


I suspicion you are talking about an inactive Keogh plan or plans that you have. If so, then those plans may be discontinued and the proceeds transferred to your SEP. When you do so, a filing may have to be made with the IRS. For details, you should see the Keogh discussion in IRS Publication 560 (Retirement Plans for Small Business) available at http://www.irs.ustreas.gov/prod/forms_pubs/index.html.

OTOH, if you're talking about money that was left in an old employer's plan, that's easier. Just arrange to have the money transferred to your SEP from that plan. Also, whether Keogh or an old employer's plan, be aware that the person you talked to is correct. Once that plan money reaches the SEP it can no longer be transferred into another plan of a similar type with a future employer.

Regards..Pixy
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