Simple IRA Broker/Advisor Question

guessing, but i would think you are stuck to where the group is, it would be unfair for the business to have to accommodate everyone's individual broker house....but I am interested to hear what the professionals say about this

I have a SIMPLE IRA for myself, and employees. I have the option of not using American Funds, and I can use any fund, or broker for that matter.

Not sure if this is the case universally, but I suspect it is.

I administer a simple plan at my business. You can choose to have funds deposited to the account of your choosing.

Why don't you go talk to the advisor and tell him you don't want to use American Funds?

I believe that if it is a 5304 SIMPLE plan, then you can go to any institution. If it is a 5305 Simple plan, you are limited to the one institution. The type of plan is chosen at setup by the employer. Sometimes employers don't want to send checks to multiple institutions.

Would you also be able to do a rollover distribution from the SIMPLE to your own traditional IRA? May be a little be of a hassle, but if the employer didn't want to switch from a 5305 to a 5304, you would have an option.