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About Willard R. Brumbaugh, LUTCF
Expertise
I have answered many questions regarding 401ks, IRAs and annuities as well as life insurance. I have been counselling against most Qualified Plans since 1994.

Experience
Ranked in the top 5 in retirement catagories at Askme.com most of its last 2 1/2 years. Organizations I belong to: National Association of Insurance and Financial Advisors-California
Inland Empire Estate Planning Council

Education/Credentials
Life Underwriters Training Council Fellow

You are here: Experts > People/Relationships > Retirement Planning > Retirement Planning > Conveting MPP to 401(k)

Retirement Planning - Conveting MPP to 401(k)

Expert: Willard R. Brumbaugh, LUTCF - 10/27/2009

Question
Are there any tax penalties for converting from an Money Pension Purchase to a 401(k) for an S corp with (1) employee?

Answer
Dear Tracie,

Can you give me more information? What do you mean by Money Pension Purchase? What is your motivation for having a 401(k) plan? How old is this employee? Is the employee also the owner? What is in the MPP? And how much is intended to be put in the 401(k)?

Finally, will this company ever have more than the one employee?

Willard R. Brumbaugh, LUTCF

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