Skip to main content
No. of Recommendations: 0
Sacto Fool writes:

<<Anyway, I spoke with a representative from ML, my "real job's" 401(k) administrator and was told that I would be able to roll the SEP into my 401(k) each year if I chose to.....

I'm not saying he was right and I was never able to get confirmation from the IRS as to whether ANY part of my plans would meet with their approval, so please check with somebody WORTH suing if they steer you wrong before you do anything! <g> >>

And you believed what you were told? I sincerely hope not! You absolutely cannot transfer SEP money into a qualified retirement plan of any type. No plan administrator in their right mind would accept such a transfer. If the plan did take that money, then the entire plan would be disqualified, all participants would get their contributions and earnings distributed, and those proceeds would be immediately taxed and possibly penalized.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.