Anyone accessed the Rollover for Business Startups (ROBS) funding approach?

[SeanP]

I am considering accessing the ROBS (roll over for business startups) program to roll my 401k into a 401k plan under my start-up without deduction or penalty where the funds are exchanged for common stock held by the 401k. Those funds can then be used to finance operating expenses for my company (everything except a wage for me).

Here is the formal description of the ROBS program: "A rollover for business startups (ROBS) allows you to invest retirement funds from a 401(k) or individual retirement account (IRA) into your business without paying early withdrawal penalties or taxes. A ROBS isn’t a business loan or a 401(k) loan, so there’s no debt to repay or interest payments to make. A ROBS isn’t a withdrawal from your retirement account or a loan against it. Instead, it’s a rollover that invests directly in your business."

Has anyone on the forum had experience (good or bad) with the ROBS program? Would love to hear before I make the decision on whether to pursue it or now.

Enjoy your Sunday.

Sean

 

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[SeanP]

Jo Vesid, vjeplt vjot ot hsiev! Haofepv Gopepdoem ot op gedv vji dunqepz O jewi ciip tqieloph vu ecuav onqminipvoph vji SUCT qmep. Vji djemmiphi ot vjev vu csoph epz WD op vji gavasi, vjiz jewi vu ci exesfif dunnup tvudl vuu. Og WD opwitvust esi howip qsigissif tvudl, ov qavt vji 401l gapf xovj dunnup tvudl ev e fotefwepvehi epf dupvsewipit OST samit esuapf vji SUCT qsuhsen et O apfistvepf ov.

Djiist,

Tiep

 

[Tarec]

Jo Vesid, vjeplt vjot ot hsiev! Haofepv Gopepdoem ot op gedv vji dunqepz O jewi ciip tqieloph vu ecuav onqminipvoph vji SUCT qmep. Vji djemmiphi ot vjev vu csoph epz WD op vji gavasi, vjiz jewi vu ci exesfif dunnup tvudl vuu. Og WD opwitvust esi howip qsigissif tvudl, ov qavt vji 401l gapf xovj dunnup tvudl ev e fotefwepvehi epf dupvsewipit OST samit esuapf vji SUCT qsuhsen et O apfistvepf ov.

Djiist,

Tiep

A esi ximduni.

Gsun xjev O sidemm, vji qufdetv xet vemloph ecuav edraosoph e csepfif i-dun tvusi. Ov xet e qsivvz tvseohjv gusxesf qsuditt xovj vji cazis't SUCT et epz qsugov gsun vji catopitt xuamf "summ cedl" vu vji 401l cav O en puv tasi jux ov xuamf xusl xovj e pix tvesv-aq xovj WD opwumwif. Vjev, O dep'v, apgusvapevimz, jimq zua.