Can I change to a Uni-K PlanSM if I already sponsor a plan for my business?
Yes. Uni-K can accept transfers or rollovers from your current plan, but the steps you need to take depend on the type of plan you own and whether you have funded it for the current tax year. Generally, profit sharing plan owners can amend their plans into a Uni-K while money purchase plan owners must terminate their plans first. SIMPLE IRA owners who have made contributions for the current year cannot start up a Uni-K until the following year. And SEP owners may be able to establish a Uni-K for the current year, depending on the type of SEP you have adopted. Check with your advisor or call Pioneer for more information.
Related Questions
- Is it in the best interest of participants to consider the plan sponsors business risks when developing a pension financial strategy?
- Can I contribute to a Uni-K PlanSM for my sideline business if I participate in another employer-sponsored plan?
- Are doctors who treat participants under the plan Business Associates? How about employees of the plan sponsor?
