An important responsibility
of operating a SIMPLE IRA planis making sure
that you have satisfiedall SIMPLE IRA plan
These requirements include:providing employees
with the opportunityto make a salary deferral
before November 2nd --the beginning
of the 60-day election periodprior to each calendar year.
For new hires,you must generally provide the
notice on the date of the hire.
Informing employeesof the ability to select
a financial institutionfor their SIMPLE IRAs,
if the plan provides for it.
the Summary-Plan Descriptionand notifying employees
of the employer's decisionon whether to make
non-elective contributionsor matching contributionsand the amount
of such contributions.
To avoid mistakes, establish
administrative proceduresto make sure all these required
notices are provided on time.