What if the client currently has a SIMPLE IRA?
Benefit Plans Plus can create an amendment to terminate the plan (additional charge). Since a SIMPLE must be the exclusive plan for a calendar year the 401k cannot be established until the following calendar year. For example, if the SIMPLE is terminated as of 12/31/07 the 401k could not be effective until 1/1/08. The SIMPLE plan would still be funded for the 2007 plan year.
