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.
Note
- The employer is responsible for making sure the plan is up-to-date with current law(s).
Additional Information