I want to transfer my Keogh to Vanguard Brokerage Service, but they say that they will not be “trustee” on my account. My questions are: What does that imply? Will I be responsible for filing more forms than I do now? I already do a 5500EZ every year. I read Slesnick's Nolo Press book and she seems to imply it is not a big deal but is vague about it.Some facts on my situation. I am a self-employed consultant with no employees. I have had my account open for about 15 years and have more than $100K in the account. I am, of course, the administrator of my account already. When I close my business, I will roll over the Keogh into an IRA.Thanks for any help.ayduda
A GUESS ONLY on my part, ayduda...Vanguard will ONLY "trustee" their own plans as non-brokerage accounts IRA's (simple, money purchase pension, etc.). I'm the administrator for my wife's money purchase pension plan (Keogh) and they are the trustee, but that was not a transfer/rollover. Perhaps therein lies the issue. I'd suspect (yes) you would have to handle the forms. One of their "more informed" retirement plan folks should be able to answer your questions.Good luck,John
I'm the administrator for my wife's money purchase pension plan (Keogh) and they are the trustee, but that was not a transfer/rollover. Perhaps therein lies the issue. I should have mentioned that my Keogh is already with Vanguard but in their mutual funds. Another interesting fact is that other mutual fund families with brokerages such as T.Rowe Price and Fidelity will act as trustees as will Schwab. I just looked at my last 5500 return and the Schedule P Vanguard provided. That one is pretty scary. The form wants a trustee with an EIN (??). Of course, the reason for the Schedule P is clear as mud. It seems to start a clock running on some condition under section 401a of the IRC.Anyways, thanks for your response. At this point, I think that I will have to pull my account from Vanguard.ayduda
Too bad! Again, good luck. I can only hope my wife quits work before we clock $100k :). Otherwise, sounds like a lot of paperwork.The best,John
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