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Retirement Plan Rollovers With The Pension Protection Act

 

The Pension Protection Act of 2006 gives taxpayers increased flexibility in rolling over retirement plans. However, the new rules have also increased the complexity behind the conditions that a plan can be rolled over. The IRS has given guidance by providing the following chart showing choices available to each type of tax-favored retirement vehicle, and the basis conditions that may apply. 

ROLLOVER CHART

ROLL TO

IRA SEP-IRA SIMPLE
IRA
Roth IRA 457(b) 403(b) Qualified
Plan
Desig-
nated
Roth
Account
ROLL FROM IRA YES YES NO YES, must include in income. YES, must have separate accounts. YES YES NO
SEP-IRA YES YES NO YES, must include in income. YES, must have separate accounts. YES YES NO
SIMPLE
IRA
YES, after two years. YES, after two years. YES YES, after two years. Must include in income. YES, after two years. Must have separate accounts. YES, after two years. YES, after two years. NO
Roth IRA NO NO NO YES NO NO NO NO
457(b) YES YES NO YES, after 12/31/07. Must include in income. YES YES YES NO
403(b) YES YES NO YES, after 12/31/07. Must include in income. YES, must have separate accounts. YES YES NO
Qualified
Plan
YES YES NO YES, after 12/31/07. Must include in income. YES, must have separate accounts. YES YES NO
Designated
Roth
Account
NO NO NO YES NO NO NO YES, if a direct trustee to trustee transfer.
For more information regarding retirement plans and rollovers, please visit www.irs.gov/ep.

Many types of allowable rollovers are subject to complex conditions that a chart cannot adequately address. An example of this is that a rollover from a regular IRA must be completed within a 60 day period, and may be made only once in a 12 month period.  A rollover from a qualified plan to another qualified plan or IRA may be made only if it is an "eligible rollover distribution" which do not include items such as required minimum distributions and hardship distributions.

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