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My employer set up a SIMPLE IRA for our company with a full priced broker who (like in huntinpocketlint's case in 20094) doesn't offer no-load mutual funds. Since it's possible, in general, for an employer to allow each employee to select his own plan custodian via the IRS form 5304, can my boss (if he's willing) allow me to do this even if the plan has already been established for everyone with Mr. Deep Pocket Broker using form 5305? If so, is there anything special that needs to be done short of completing the documents required by my broker of choice?
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