SIMPLE IRA Plan FAQs

+ Who can establish a SIMPLE IRA Plan?

+ What is the deadline for establishing a SIMPLE IRA Plan?

+ Can I establish a SIMPLE IRA Plan for my self-employment income if I participate in my employer's retirement plan?

+ Which employees are eligible to participate in my company’s SIMPLE IRA Plan?

+ Are employer contributions required under a SIMPLE IRA Plan?

+ Are employee contributions required under a SIMPLE IRA Plan?

+ What is the deadline for making employer contributions under a SIMPLE IRA Plan?

+ What information concerning a SIMPLE IRA Plan must be provided to employees?

+ Can I choose to include a vesting schedule in my company’s SIMPLE IRA Plan?

+ Are there restrictions governing when employees may take distributions from their SIMPLE IRAs?

+ Are loans permitted from SIMPLE IRAs?

+ Is there a Roth feature to a SIMPLE IRA Plan?

+ Is there any government reporting that is required by an employer sponsoring a SIMPLE IRA Plan (e.g., IRS Form 5500)?

+ How is a SIMPLE IRA Plan different from a SEP Plan?

+ How is a SIMPLE IRA Plan different from a 401(k) Plan?

+ How is a SIMPLE IRA Plan different from a Profit-Sharing Plan?