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SIMPLE Plans offer a convenient way to save for retirement. They're easy to manage and provide tax benefits for businesses with under 100 employees.1
Employer Contributions: Match employee salary deferrals dollar for dollar up to 3% of the employee's compensation or a flat 2%2 of each eligible employee's compensation
Employee Contributions: Payroll deductions up to $13,500* and always 100% vested
Employees age 50+: Additional catch-up contributions up to $3,000*
* Limits listed are for 2020. The IRS sets limits annually.
Deadline to Establish: October 1 of the year the plan becomes effective
Participant Custodial Fees: Waived if investments total $10,000 or more; $15 annual custodial fee per fund if less than $10,000
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Complete the steps below to establish your plan. Call 1-800-345-3533 if you have questions or need help.
Step 1: Review and complete a 5305-SIMPLE Form . Retain the original for your records and return a copy to us.
By Fax: 1-888-327-1997
American Century Investments
PO Box 419385
Kansas City, MO 64141-6385
Step 2: Notify eligible employees about the plan and distribute the completed 5305-SIMPLE Form to all eligible employees. The form includes a Model Notification to Eligible Employees which lets employees know about the plan and how much you plan to contribute.
Step 3: Direct employees to the online SIMPLE Application to open an account.
Step 4: Have employees complete a Salary Reduction Agreement . You will keep this document for your records. Do not return to us.
Step 5: Review purchase guidelines and submit contributions.
Complete the Purchase Guidelines form and submit contributions.
Sign up for Plan Sponsor Access to submit contributions electronically through our secure website. Contact us at 1-800-345-3533 to get a user name and password.
Call us to speak to a Business & Retirement Specialist.
1 For purposes of determining the 100 employee limitation, all employees employed at any time during the calendar year are taken into account, regardless of whether they are eligible to participate.
2 Contributions may only be based on the first $285,000 of compensation, as adjusted.
3 Additional employer responsibilities apply.
IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.
This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.
This information is for educational purposes only and is not intended as a personalized recommendation or fiduciary advice. There are different options available for your retirement plan investments. You should consider all options before making a decision. Our representatives can help you evaluate all of your distribution options.
Diversification does not assure a profit nor does it protect against loss of principal.