I've been considering opening an Individual 401k account with Vanguard. I chose this, opposed to a SEP IRA, because of the higher contribution limits and the dual contribution options (as employee and employer).
I was told that I would not be able to transfer assets from an existing employer 401k plan; I would only be able to do an asset transfer from another Individual 401k account. This sours the milk a bit as I wanted to consolidate my existing retirement funds from old employers into this i401k and contribute to it from there.
My plan is to check with other vendors regarding their policies, but I wanted to ask before I start down that road - is there a legal or tax reason that one cannot roll assets from an existing employer 401k into a new Individual 401k? What are those reasons? (If this can't be done for legitimate reasons, it'll save me time.)
Edit: As a note, I have two 401ks from previous employees that I'd like to roll into my Individual 401k. I'm not currently employed through a W-2, and I don't have a current employer plan (hence the i401k).