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VA online Form 5304-SIMPLE: What You Should Know

Ed Scott Form 5304 or SIMPLE is a savings plan document made available for certain types of employers that is designed to increase the  contribution limits for employees of a company. You can use this form to establish that a group of employers  that has a plan as an offering for employees. [See the information on the form] The forms are very similar and contain the “IRA” text [see form 5306-SIMPLE] that is  important to know about. There are various versions. This form 5304-SIMPLE fix-it guide is a guide to the IRS version for this form. [See the form] — IRA.org What do I have to do to start enrolling folks for the SIMPLE IRA or SIMPLE 401k plan? — Ed Scott There may be some restrictions for SIMPLE plans for some folks, based on the number of people with SIMPLE plans who are also covered by a group health plan [HMO] . — IRA.org How do I apply for a SIMPLE IRA for my employee group? — Ed Scott I have a SIMPLE IRA for my employees and I have an HSA account. If my employee goes on a sick leave or takes another disability, will the HSA stay in the SIMPLE IRA? — Ed Scott Yes, if the employee participates in either a SIMPLE IRA or a health reimbursement arrangement (HRA). I am trying to figure out if I can set up an IRA for my group of employees to start paying into their SIMPLE IRA account. — Ed Scott You should check with your group/university or company attorney if you have a plan or plan amendments that impact this question. As a general rule, if the  plan requires participants to sign form 5304-SIMPLE (a form for a SIMPLE plan) to open the plan (i.e., all participants must sign form 5304-SIMPLE), you can only open the SIMPLE IRA Plan from the SIMPLE IRA (simply choose the IRA to be set up on the form 5304-SIMPLE). — IRA.

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