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Any Broker Supporting Stranded Simple IRAs?

Is there any broker that will support opening a "stranded" Simple IRA? Our company processes payroll through a vendor who has the Simple IRA. They only support mutual funds and I want to control the investments to individual stocks and bonds. A company cannot have two Simple IRA administrators, so supporting a transfer of funds from one Simple IRA to another Simple IRA in this case requires me to setup a "stranded" Simple IRA account (one which is not actively administered for the company). Apparently many brokers refuse to set up stranded Simple IRAs. Does anyone know of a broker who does this? Or is there a more straightforward way to take control of the investments in a Simple IRA (maybe transferring to a different type of IRA?).

Reply to
W
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As far as I can tell, a SIMPLE IRA being an employer plan requires an employer to establish the plan for the employees. There are unlimited rollovers of contributions & earnings allowed from one Simple IRA to another SIMPLE IRA. I don't see how an individual who is not self-employed can establish a SIMPLE IRA. As such, I don't see how you can accomplish what you want.

You can rollover the balance to an IRA, but only after two years of participation in the Simple IRA. You just may have to wait for the two year period to elapse before you can self-manage the investments.

Reply to
Alan

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