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Form 5305-S online DE: What You Should Know

IRS website notice (updated: 8/22/16) This is the first proposed collection for the SIMPLE IRAs; this form will require the consent of both the participant (the participant will provide the IRS with their employer's name) and the administrator (the SIMPLE IRA administrator or an authorized representative of the SIMPLE IRA will provide the IRS with the administrator's name).  The plan administrator (the administrator who will provide your employer's name) provides the IRS with both the participant's account number, and a statement indicating that they consented to the plan.  You and your employees need an approved plan document that your administrator has signed. The plan document must clearly designate your employees as contributing to an I.R.B.S.SIMPLE IRA, and the employer of each participant as contributing at least 1% of their compensation per year to each SIMPLE IRA.  You may request or create a SIMPLE IRA plan document. A SIMPLE IRA plan document generally provides that: A participant may make both employer and employee contributions to an I.R.B.S.SIMPLE IRA each year; The employer must continue to make any employer matching contributions if there is no change to the participant's employer under the terms of the plan; and The employer must make additional I.R.B.S. SIMPLE IRA contributions upon participant retirement. These additional I.R.B.S.SIMPLE IRA contributions are called the “opt out” amount. This opts out amount may NOT continue to be made even after the participant has reached age 59½ if it is not included as part of the participant's gross income by the IRS. A SIMPLE IRA will not provide a participant with matching or SIMPLE IRA contribution amounts for all of their compensation. However, any payouts in excess of the match must be reduced as soon as possible. The plan document must be approved by your payroll and employee assistance officials. The plan document will not be released to you until your account is approved. The SIMPLE IRA plan document cannot exceed 1,000.00 for each participant, regardless of year of contribution.  You must submit a document showing that your plan was approved by your payroll and employee assistance officials, before you can start making contributions to an SIMPLE IRA.

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