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Form 5304-SIMPLE for Surprise Arizona: What You Should Know

What is the SIMPLE Plan — Loopholelewy.com If your plan is a SIMPLE Savings or a SIMPLE IRA plan, Form 5304-SIMPLE (available below) is needed. Read below for more details. What is a SIMPLE Plan? In the United States, a SIMPLE plan is a tax-deferred retirement savings plan available to eligible employees, including those with Social Security, Medicare, and other Federal and State retirement benefits. The plan uses a uniform minimum investment in the form of a defined contribution plan that provides benefits for the participating employees of the employer. (For more details, see How does a SIMPLE Plan differ from a 401(k) plan or a Traditional IRA Plan? .) The plan uses the same retirement savings account rules and investment options as do the traditional plans. Unlike the traditional plans, however, the participant(s) in a SIMPLE is permitted to select his or her own investment advisor in choosing among alternatives at the time of investment. (For background, see The Differences between a 401k and a SIMPLE IRA and the Difference Between a Traditional IRA and a SIMPLE Plan.) SIMPLE IRAs have the highest risk of an investment losing money -- over 20 percent -- but there are plans that offer even higher risk-retirement rates, which may be appropriate for some workers. (For more, see When choosing a retirement plan, what matters most? .) In a SIMPLE plan, an employer is not allowed to change the investment choices or withdrawal schedules for the SIMPLE plan participant on his or her own. For instance, even if the employer decides to invest a portion of the employee's salary in stocks, these investments could be invested for less than the salary's original amount. This limits how much the employer can invest and how much the employee can withdraw from the plan. SIMPLE plans must be offered to only covered employees (those who are covered by a qualified retirement plan or by a retirement plan offered by an employer and which satisfies the requirements of Code § 401(k) or Code § 457(b)). If the employee has any other types of coverage, those other coverage will also be excluded and a SIMPLE plan has no protections. If the plan is less than 19,700 per year for the participant and his or her spouse, and if the plan meets the other requirements described in the Code, it is considered a SIMPLE IRA plan.

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