How is my SIMPLE IRA account funded?

To open a SIMPLE IRA account with IBKR you will need to use the email invitation that your employer sent to you. By using the link in the email invitation your SIMPLE IRA will automatically be associated with the Employer selected Advisor.  Employees are not obligated to participate or may choose to participate without making their own contributions.  All deposits to the accounts are managed by the Employer, except for transfers from existing SIMPLE accounts held at other firms…

The employee can transfer into their SIMPLE IRA from a SIMPLE IRA, Traditional IRA, SEP IRA, as well as from employer-sponsored retirement plans (e.g. 401k, 403b, 457 (b)). SIMPLE IRAs cannot accept rollovers from Roth IRAs or Roth designated employer-sponsored plans…

SIMPLE IRA accounts can only be funded by contributions made through the Employee Plan Administrator (EPA) account.  Employers will fund their EPA account and then distribute the funds to the SIMPLE IRA employee accounts. EPAs will use their Portal to provide Interactive Brokers with instructions for transferring funds to the employee accounts…

Employers can only offer a SIMPLE plan if they do not have any other employer sponsored retirement plans.   SIMPLE IRA accounts can only be opened under a Professional Registered Financial Advisor account with an existing account at Interactive Brokers.  The employer must complete an Employee Plan Administrator (EPA) account application.  In addition to many of the standard account opening documents, applicants will also need to provide IRS Form 5305 where they select a single financial institution ("Interactive Brokers") for all plan accounts…