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Author: jmbarnes Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75335  
Subject: Profit Sharing -- Transfer to IRA? Date: 3/16/2006 11:38 AM
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Hi Fools,
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,
JB
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Author: buzman Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 50566 of 75335
Subject: Re: Profit Sharing -- Transfer to IRA? Date: 3/17/2006 9:56 AM
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You should be able to do a trustee-trustee transfer to an IRA.
Most custodian will not allow you to roll it into a SEP or SIMPLE.

buzman

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