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NBG asks:

<<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?>>

Yes, your employer can but doesn't have to. You may establish a SIMPLE-IRA with a custodian who agrees to do so for you. You may also request the present custodian move those monies to that new custodian. And your employer may make future deposits to the new custodian, but again doesn't have to do so. If that's the case, then each time a deposit goes to the employer's designated financial institution you will have to ask for the money to be moved to the account you wish.

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