Keep Your SIMPLE IRA Plan Active
One Annual Task, A Few 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 steps below.
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
(1) Locate Your Current SIMPLE Adoption Agreement
Review the plan provisions on your SIMPLE Adoption Agreement and confirm you don’t want to make any changes.
Note: ADP emailed your completed adoption agreement to you when the plan was established. If you’re unable to locate it, call ADP at 1-800-664-5446 to have the email resent.
(2) Complete the Required Forms
Additional SECURE Provisions: Use this form to incorporate SECURE 2.0 Act contribution provisions into your plan. Changes include increased contribution limits for certain plans and a discretionary non-elective contribution.
Participation Notice and Summary Description: Use your SIMPLE Adoption Agreement and Additional SECURE Provisions as a guide when completing this form.
Notice of Automatic Enrollment: Complete this form if your plan has automatic enrollment.
(3) Notify Employees by November 1
Provide a copy of your completed Participation Notice and Summary Description and Notice of Automatic Enrollment (if applicable) to eligible employees by November 1.
Keep the originals with your records. Do not send forms to ADP or American Century Investments.
Changing Your Plan Provisions or Employer Contributions?
Follow These Steps
(1) Complete New Forms and Notify ADP
Click here to complete all of the forms listed below. When you are finished, select "Click to Sign." Your forms will automatically be sent to ADP, and a link to your forms will be sent to your email address.
SIMPLE Adoption Agreement: Document the new provisions for your plan.
Additional SECURE Provisions: Use this form to incorporate SECURE 2.0 Act contribution provisions into your plan. Changes include increased contribution limits for certain plans and a discretionary non-elective contribution.
Participation Notice and Summary Description: Information from your new SIMPLE Adoption Agreement and Additional SECURE Provisions will be prefilled on this form for you.
Notice of Automatic Enrollment: Complete this form if your plan has automatic enrollment.
(2) Notify Employees by November 1
Provide a copy of your completed Participation Notice and Summary Description and Notice of Automatic Enrollment (if applicable) to eligible employees by November 1.
Save digital and/or printed copies of your forms. Do not send forms to American Century Investments.
Questions About Changing Your SIMPLE IRA Plan?
Please contact ADP at 1-800-664-5446
Notify Newly Eligible Employees Throughout the Year
File your forms where you have easy access to them. You will need to provide a copy to employees who become eligible to participate in the plan within 60 days of their becoming eligible.
Need Help?
Have questions about your year-end requirements or your plan? Take a moment to review our FAQ flyer that can assist in answering your questions prior to calling us at 1-800-345-3533.
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 material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.