Q. My wife works for a dental office which has a profit-sharing plan. Only her employer makes contributions to this pretax plan. She will retire in one more year. We would like to do a direct rollover of her funds into my Thrift Savings Plan, so that all holdings can be distributed from this one account. However, I have been told by TSP personnel that the ownership of any plans to be transferred must be in my name, not my spouse’s name. Is there any legal way for getting her profit-sharing plan funds to transfer into my TSP account? For example, since I am 2½ years from retirement, we were thinking of rolling over all of her profit-sharing plan holdings into a traditional IRA in which the ownership or registration would be in my name. I could contribute to this plan for two years prior to my retirement, then just before retirement do a direct rollover or transfer of the entire IRA holdings into my TSP. Will this idea work, or is there another way?
A. I don’t know of any way to do it. What you’re suggesting is not allowed.