Keep Your SIMPLE IRA Plan Active

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One Annual Task, Three Easy Steps

A SIMPLE IRA plan is one of the easiest retirement plans to manage. Employers must complete just one annual requirement no later than November 1 each year. Keep you and your employees investing for retirement next year by following the three steps below.

To keep your plan provisions the same, refer to the SIMPLE IRA Adoption Agreement you completed and received from ADP. Check your digital files in case you did not print it. The IRS requires you to complete these steps every year, even if you don't change your plan.

Keeping Your Plan Provisions the Same? Follow these steps.

This document helps you notify employees that they are eligible to participate in the plan. It also tells them about the SIMPLE IRA contributions they will receive from you (as plan sponsor) next year.

This document describes the auto enrollment process and explains the investment available in auto enrollment.

  • Give copies of the completed form to all employees who are eligible to participate in the plan next year.

  • File the document with your records. Do not return it to American Century Investments.

For more information about the notification requirement, refer to Page 7 of the 5305 form.

Changing Your Plan Provisions? Notify ADP too.

File your completed form where you have easy access to it. You will need to give this information to employees who become eligible to participate in the plan next year.

Step 1: Complete a new Adoption Agreement

Step 2: Complete steps 1 through 3 above with your new plan provisions Note: The new provisions will be effective January 1 of next year.

Step 3: – If you make changes to your plan provisions or a change to your matching amount, send your signed Adoption Agreement and Participation Notice and Summary Description to ADP in one of the following ways: Description to ADP in one of the following ways:

  • Email: [email protected]

  • Fax: 973-712-7328

  • Mail:

    ADP, LLC
    Attn: SIMPLE IRA
    71 Hanover Road
    M/S 580 Florham Park, NJ 07932

Questions About Changing Your SIMPLE IRA Plan?

Please contact ADP at 1-800-664-5446, OPTION 3

Notify Newly Eligible Employees throughout the Year

File your completed form where you have easy access to it. You will need to give this information to employees who become eligible to participate in the plan next year.

Need Help?

Have questions about the year-end requirements or your plan? Call 1-877-345-0415.

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.