If you participated in a SIMPLE IRA with a previous employer and changed your employment within two years, you cannot transfer or roll over the funds from your old plan to your new one. If you withdraw funds from the SIMPLE IRA within those two years, a 25% penalty will be applied.
Note: If you are 59½ years old or more at the time of withdrawal, no penalty will be applied.
However, after two years, you can request that your current employer transfer the funds from your previous employment to your new SIMPLE IRA plan. For that, you'll need to submit the adoption agreement, along with a copy of Form 5304-SIMPLE or Form 5305-SIMPLE, which your employer used to establish the SIMPLE IRA. Alternatively, you can roll over your previous SIMPLE IRA assets to another financial institution at the end of the two year period.