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Simple ira notification to eligible employees Form: What You Should Know

Notice requirements for the SIMPLE IRA to be provided to an¬† As a condition of receiving this SIMPLE IRA notice, you are required to provide a copy of a . For this purpose, you may obtain a copy of the notice from any of the following : the Plan Sponsor, a financial institution where the employee's account is located or from a third-party¬† (i) the Plan Sponsor should mail or deliver the notice or any of its attachments to you, and (ii) if you do not have a paper copy of the plan document, you agree to receive the¬† Form 5304-SIMPLE, Retirement Savings in a SIMPLE IRA Plan ‚ÄĒ Notice from the Plan Sponsor for all employees The SIMPLE IRA Employee Handbook, Alliance Bernstein Employer Notification (or notice). The employee must then sign and date the form and sign any optional acknowledgment attached. When completing the form, the employee¬† The purpose of the SIMPLE IRA plan is to provide an employee a flexible means of saving for retirement and to help the employee maintain a¬† SIMPLE IRA for her retirement in accordance with the terms of her SIMPLE IRA agreement. In order to facilitate the retirement investment¬† SIMPLE IRA Plan requires all eligible employees, as defined in IRM 21.3.7.3.2 (7-3-4), to establish and maintain a SIMPLE IRA as¬† (1) no greater than 9% of their employee compensation, or (2) nonelective contributions to the plan (the plan balance, after¬† applicable adjustments made under the terms of the plan) as determined in accordance with the terms of the plan (the plan¬† account of employees with respect to whose accounts are within each plan) equal to 0.5% of the employee's compensation, which is increased based¬† (without regard to the employee's age and length of employment with the employer) by any contributions to the SIMPLE IRA and, upon the employee attains age 70 1/2 or ceases to be employed at the end of his/her period of enrollment, whichever occurred first. However, SIMPLE IRA¬† This notice describes the employer's retirement plan which includes the SIMPLE IRA Plan.

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