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Form 5304-SIMPLE ND: What You Should Know
Obtain written notice to employees of the Qualified Retirement Plan and the employer's obligations under the plan. Employee participation, the Employee Notice, and the SIMPLE IRA Employer. A SIMPLE IRA for All. AllianceBernstein.com provides a Complete SIMPLE IRA guide. IRA Matching. In lieu of the traditional employer matches (which require that you establish a matching program) you can create a simple IRAs Match plan and make employer match contributions in the same way as your employees do on their 401(k) plan. A simple IRA plan may have additional match requirements or additional restrictions for both matching contributions and Roth contributions. If a SIMPLE IRA plan is provided to the employee, and there is a match, then that contribution may result in a nonqualified rollover to a Roth IRA. Plan Filing With the Financial Industry Regulatory Authority (FINRA) in the District of Columbia if: The plan is a SIMPLE IRA plan or a Traditional IRA with an open-ended or closed-end balance of 10,000 or more. No Form 5304-SIMPLE is required. The plan has a monthly distribution cap of 3,000 or less. The plan is eligible for the Simplifiable Employee Pension Plan. No Form 5304-SIMPLE is required. The plan is not a SIMPLE IRA plan or another kind of deferred compensation plan as defined by IRC § 401(k)(3) or 402(b)-15(8). The plan is a Traditional retirement plan (as described under IRC § 401(k)(12)). The plan is the Traditional Retirement Plan (as described under IRC § 401(k)(12)). All contributions under the plan are made on behalf of the employee of the noncontributory group or the participant is responsible for making the contribution. The plan provides an annual matching contribution limit equal to 15% of the eligible participants' compensation. Any contributions are made by the plan sponsor of the participating plan and credited to the participant accounts. The plan administrator and its custodian and its service providers are not required to provide the following minimum information to enrolled: Notice that the plan limits may not be higher on an annual basis than what the plan provides.
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