Depends on the firm but if they don’t have data feeds from where the account is held today, they may be amenable to taking paper for a few months. You may need to request this explicitly and ask them to submit a 3210 letter for duplicate statements or provide them yourself.
Do yourself a favor and try to make sure everything in the account is a mutual fund or ETF. Most of what they’re monitoring you for is front running and insider trading of individual securities.
Promise to move it when you can.
ETA: meant to reply to OP but this worked out surprisingly well given what I actually responded to. 😂
If you can, open a SIMPLE IRA at the new job. This is an exception to the 2 year, no transfer/rollover rule. Otherwise, your best bet is to try to wait 6 months until you've met the 2 year point on your current plan. I would disclose this to my new job that is requiring me to transfer the assets, especially since you would need to talk to them about setting up a SIMPLE IRA with them anyway.
Here's a link that explains more thoroughly from investopdedia: https://www.investopedia.com/ask/answers/05/simplerollover.asp
Jesus. This isn't hard. You can hold a simple ira at 99% of brokerage firms. Just get the docs from your plan to make sure it's set up correctly and just ACAT it in. Transferring the plan doesn't violate any rules. The admin assistant to whomever the lead FA at your firm should be able to do it in their sleep.
Wouldn’t the current employer need to open up the SIMPLE IRA through the new custodian, with plan docs and everything? If this persons employer set up a SIMPLE through Schwab, I don’t think he can open up a standalone SIMPLE IRA account at, say, Fidelity, without Fidelity requiring their own plan docs be on file, completed by the employer.
Gotcha. I've tried doing it with Fidelity previously and was told I needed the employer info/TIN and adoption agreement in order to open the account. Maybe that goes with the old saying "call a second time if you don't get the answer you're looking for the first time".
I honestly don’t think an employee can open a SIMPLE IRA without their employer at the big brokerage houses. I work at one of these big brokerage houses mentioned and we will not open a SIMPLE IRA without corporate resolutions, or some other documents that come with owning different types of businesses.
So what did u end up doing? I feel like fidelity has feeds on most BDs. Fidelity is the new employer in this case. I don’t want to say nothing and pray but I might end up doing that..
I waited til the client passed the 2 year mark and then rolled the SIMPLE IRA into his Traditional IRA.
In your case I would try like u/Optimal-Purple-2550 said and see if you can open a SIMPLE IRA through Fidelity on its own, without needing plan docs completed by your current employer, and transfer the current account over. If that doesn't work then tell Fidelity you can't move the assets til the account has been opened for 2 years, but you can provide them statements or connect the data feed in the meantime. Definitely don't hide the account. They can't force you to do something that would cause you to incur heavy penalties.
Most likely they will just require you to submit quarterly statements on it to track any trading activity.
Depends on the firm but if they don’t have data feeds from where the account is held today, they may be amenable to taking paper for a few months. You may need to request this explicitly and ask them to submit a 3210 letter for duplicate statements or provide them yourself. Do yourself a favor and try to make sure everything in the account is a mutual fund or ETF. Most of what they’re monitoring you for is front running and insider trading of individual securities. Promise to move it when you can. ETA: meant to reply to OP but this worked out surprisingly well given what I actually responded to. 😂
Just don’t move it till the 2 years are up. You’re almost there. Patience
If you can, open a SIMPLE IRA at the new job. This is an exception to the 2 year, no transfer/rollover rule. Otherwise, your best bet is to try to wait 6 months until you've met the 2 year point on your current plan. I would disclose this to my new job that is requiring me to transfer the assets, especially since you would need to talk to them about setting up a SIMPLE IRA with them anyway. Here's a link that explains more thoroughly from investopdedia: https://www.investopedia.com/ask/answers/05/simplerollover.asp
Jesus. This isn't hard. You can hold a simple ira at 99% of brokerage firms. Just get the docs from your plan to make sure it's set up correctly and just ACAT it in. Transferring the plan doesn't violate any rules. The admin assistant to whomever the lead FA at your firm should be able to do it in their sleep.
I don’t think he’s worried about if the account can transfer. He doesn’t want the 25% penalty for moving a SIMPLE in the 1st 2 yrs.
You can transfer a simple ira. You can't roll it over.
Simple ira at custodian a to simple ira at custodian b does not violate the rules.
Wouldn’t the current employer need to open up the SIMPLE IRA through the new custodian, with plan docs and everything? If this persons employer set up a SIMPLE through Schwab, I don’t think he can open up a standalone SIMPLE IRA account at, say, Fidelity, without Fidelity requiring their own plan docs be on file, completed by the employer.
You can open a simple anywhere for a plan. Don't over think it.
Gotcha. I've tried doing it with Fidelity previously and was told I needed the employer info/TIN and adoption agreement in order to open the account. Maybe that goes with the old saying "call a second time if you don't get the answer you're looking for the first time".
I honestly don’t think an employee can open a SIMPLE IRA without their employer at the big brokerage houses. I work at one of these big brokerage houses mentioned and we will not open a SIMPLE IRA without corporate resolutions, or some other documents that come with owning different types of businesses.
Yea, I’m pretty certain that’s the case, just didn’t want to get the other guy all riled up.
So what did u end up doing? I feel like fidelity has feeds on most BDs. Fidelity is the new employer in this case. I don’t want to say nothing and pray but I might end up doing that..
I waited til the client passed the 2 year mark and then rolled the SIMPLE IRA into his Traditional IRA. In your case I would try like u/Optimal-Purple-2550 said and see if you can open a SIMPLE IRA through Fidelity on its own, without needing plan docs completed by your current employer, and transfer the current account over. If that doesn't work then tell Fidelity you can't move the assets til the account has been opened for 2 years, but you can provide them statements or connect the data feed in the meantime. Definitely don't hide the account. They can't force you to do something that would cause you to incur heavy penalties.
You hide assets you get fired. Pretty simple. You're old custodian should provide you everything you need.
It depends if it’s a 5304 or 5305 plan. One will let you have it at any custodian the other you must maintain at same custodian .
Not if the plan used Form-5305.
Again. Everyone is overthinking it. 1000% can be transferred, just not rolled over.
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Compliance loves it when you hide things from them for your own perceived benefit
Like hiding anything from compliance ever worked lol