Complications of taking over existing SIMPLE

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Nov 3, 2016 2:10 pm

I have a few local business I would like to manage the SIMPLE of. Called my custodian to ask a few questions. They made it out to be a big hassel, almost like it would not be worth it.

Basically he said that if the company wants to switch from the firm currently managing their SIMPLE to my firm, each employee would have the choice to stay with the current firm or start an account with me and each employee would have to create an individual account, and the current firm has the choice of denying using my plan.

questions:

-what are your thoughts on what I said above?

-can the employees chose to have me manage their accounts without me managing the plan for the business?

-do all the employees need to agree to move their funds to me, or can just a few?

thanks in advance.