Fix It Guide - SIMPLE IRA Plan Notification Requirements

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An important responsibility of operating a SIMPLE IRA plan is making sure that you have satisfied all SIMPLE IRA plan notification requirements. These requirements include: providing employees with the opportunity to make a salary deferral election immediately before November 2nd -- the beginning of the 60-day election period prior to each calendar year. For new hires, you must generally provide the notice on the date of the hire. Informing employees of the ability to select a financial institution for their SIMPLE IRAs, if the plan provides for it. Providing the Summary-Plan Description and notifying employees of the employer's decision on whether to make non-elective contributions or matching contributions and the amount of such contributions. To avoid mistakes, establish administrative procedures to make sure all these required notices are provided on time.