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Norwalk California online Form 5304-SIMPLE: What You Should Know

SIMPLE IRA Plan Schedule A and Schedule B — SIMPLE IRA Plan Application (PDF) Instructions (English only) — Alliance Bernstein The SIMPLE IRA is a qualified retirement plan under the Internal Revenue Code. However, employees are only eligible for an IRA if the employer is an individual, not an organizational entity. Contributions and contributions to the SIMPLE IRA will begin at the beginning of the calendar year in which the employee becomes eligible if your plan is not open for prior participation to be eligible for benefits. You should make all reasonable efforts to make contributions to your SIMPLE IRA before the employee or any eligible child reaches age 59½. However, in some limited circumstances, it may be possible to make contributions after the employee's age 59½ if there are special circumstances. Contributions are taxable on a rollover basis to the employee's retirement plan. However, if you elect to roll over contributions, the employer will withhold taxes equal to the actual amount of the contributions. If you elect to continue making an immediate rollover of an IRA contribution to the SIMPLE, then the employee or eligible child should be able to make the same contribution at an earlier age. The contribution amounts do not begin increasing until the employee reaches age 59½ and the SIMPLE account reaches a balance of 5,500. If you are able to make additional contributions that exceed the contribution limit at earlier ages, the additional contributions will be subject to a 10% early withdrawal penalty starting at the earliest eligible year that your plan has continued participation. The first SIMPLE IRA contribution made at age 18 or older that results in a balance of less than 5,500 is completely exempt from the early withdrawal penalty. The contribution limit for an employee who retires immediately after age 62 is 4,000 for a SIMPLE IRA and 2,500 for an SIMPLE TSP IRA. The initial contributions to a SIMPLE IRA must be fully vested in the plan at the inception date of the IRA and have not been in excess of 5,500 at any time for the prior three years to qualify. However, if you allow employees to roll or transfer funds directly to their SIMPLE IRA, the IRA should not be considered fully vested until the funds have been transferred directly to the IRA. SIMPLE IRA Plan Guide — Alliance Bernstein The following documents have been provided by our partner, Alliance Bernstein as a starting point for SIMPLE IRA Plan application. A SIMPLE IRA Plan Guide will provide you with information that may be required in your city.

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