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There is one proviso, though, that lets you transfer the money to another SIMPLE provider or designated financial institution (DFI) within that two-year period. The transfer must be between trustees, but if requested by you within a "reasonable time," the funds in your account with the current DFI must be transferred without fee or cost.


To clarify the “without fee or cost” part, does this mean that only deferrals and employer matches can be transferred without fee or cost if requested soon after deposit, or must ANY transfers out of a SIMPLE be free of charge? In other words, let's say it's more than two years after I start participation—can the entire balance, for instance, transfer to a Traditional IRA without fee or cost, or will I still be hit with the normal broker transfer fees?

Thanks for the double-check,
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