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A SIMPLE IRA plan (Savings Incentive Match PLan for Employees) allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan.

SIMPLE IRA plans can provide a significant source of income at retirement by allowing employers and employees to set aside money in retirement accounts. SIMPLE IRA plans do not have the start-up and operating costs of a conventional retirement plan.

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Elizabeth works for the Rockland Quarry Company, a small business with 50 employees. Rockland has decided to establish a SIMPLE IRA plan for its employees and will match its employees' contributions dollar-for-dollar up to 3% of each employee's compensation. Under this option, if a Rockland employee does not contribute to his or her SIMPLE IRA, then that employee does not receive any matching employer contribution.

Austin works for the Skidmore Tire Company, a small business with 75 employees. Skidmore has a SIMPLE IRA plan for its employees and will make a 2% nonelective contribution for each of them. Under this option, even if a Skidmore employee does not contribute to his or her SIMPLE IRA, that employee would still receive an employer contribution to his or her SIMPLE IRA equal to 2% of compensation.

You'll need to choose a financial institution to serve as trustee of the SIMPLE IRAs to hold each employee's/participant's retirement plan assets. These accounts will receive the contributions you make to the plan. Alternatively, you can decide to let employees choose the financial institution that will receive their contributions.

You can use Form 5304-SIMPLEPDF or Form 5305-SIMPLEPDF to set up a SIMPLE IRA plan. Each form is a model Savings Incentive Match Plan for Employees (SIMPLE) plan document.

You adopt the SIMPLE IRA plan when you have completed all appropriate boxes and blanks on the form and you (and the designated financial institution, if any) have signed it. Keep the original form. Do not file it with the IRS.

The election period is generally the 60-day period immediately preceding January 1 of a calendar year (November 2 to December 31). However, the dates of this period are modified if you set up a SIMPLE IRA plan in mid-year or if the 60-day period falls before the first day an employee becomes eligible to participate in the SIMPLE IRA plan.

Financial institutions authorized to hold and invest SIMPLE IRA plan contributions include banks, savings and loan associations, insurance companies, certain regulated investment companies, federally insured credit unions and brokerage firms. SIMPLE IRA plan contributions can be put into stocks, mutual funds and other similar types of investments. The investment options available at the institution where the SIMPLE IRA is located will determine what kinds of investment choices are available to the employee as he or she makes decisions about investing his or her SIMPLE IRA accounts.

You and your employees will receive a statement from the financial institutions investing your SIMPLE IRA plan contributions both at the time you make the first SIMPLE IRA plan contributions and at least once a year after that. Each institution must provide a plain-language explanation of any fees and commissions it imposes on SIMPLE IRA assets.

You can set up a SIMPLE IRA plan effective on any date from January 1 through October 1 of a year, provided you did not previously maintain a SIMPLE IRA plan. This requirement does not apply if you are a new employer that comes into existence after October 1 of the year the SIMPLE IRA plan is set up and you set up a SIMPLE IRA plan as soon as administratively feasible after your business comes into existence. If you previously maintained a SIMPLE IRA plan, you can set up a SIMPLE IRA plan effective only on January 1 of a year. A SIMPLE IRA plan cannot have an effective date that is before the date you actually adopt the plan.

An employer can use less restrictive participation requirements, but not more restrictive ones. For example, an employer can eliminate or reduce the prior or current year compensation amounts. Employers cannot impose any other conditions for participating in a SIMPLE IRA plan.

Generally, your plan should include any employee who received at least $5,000 in compensation from you during any two preceding calendar years and is expected to receive at least $5,000 in compensation in the current calendar year. See the participation rules for details.

When making employer contributions, you must follow the definition of compensation stated in the plan document. Compensation generally includes the pay a participant received from you for personal services for a year. If you used the wrong compensation to calculate a participant's deferrals or employer contributions, find out how you can correct this mistake.

Automatic Enrollment: A plan feature allowing an employer to automatically deduct a fixed percentage or amount from an employee's wages and contribute that to the SIMPLE IRA plan unless the employee has affirmatively chosen to contribute nothing or to contribute a different amount. These automatic enrollment contributions qualify as elective deferrals.

Annual Election Period: Each year employees can change their contribution levels during the plan's election period. This election period must be at least 60 days long, and employees must receive prior notice about an upcoming election opportunity. SIMPLE IRA plans must have an annual election period extending from November 2 to December 31. A plan can have more election periods each year in addition to this 60-day election period.

Employees may elect to terminate their salary reduction contributions to a SIMPLE IRA plan at any time. If they do so, the SIMPLE IRA plan may preclude them from resuming salary reduction contributions until the beginning of the next calendar year. Employers that are making nonelective employer contributions must continue to make them on behalf of these employees.

After you send the SIMPLE IRA plan contributions to the financial institution you selected, that institution will manage the funds. Employees can move their SIMPLE IRA assets from one SIMPLE IRA to another. SIMPLE IRA plan contributions can be invested in individual stocks, mutual funds, and similar types of investments. Each employee makes the investment decisions for his or her own account.

SIMPLE IRA contributions and earnings may be rolled overPDF tax-free from one SIMPLE IRA to another. A tax-free rollover may also be made from a SIMPLE IRA to an IRA that is not a SIMPLE IRA, but only after 2 years of participation in the SIMPLE IRA plan.

Other than the first year you set up your plan, SIMPLE IRA plans must be maintained for a whole calendar year. Once started, you must continue your SIMPLE IRA plan for the entire calendar year, funding all contributions promised in the employee notice.

Step 2: Notify your SIMPLE IRA plan's financial institution and payroll provider that you won't be making SIMPLE IRA contributions for the next calendar year and that you want to terminate your contributions.

Example: Acme Company decided on November 18, 2014, to terminate its SIMPLE IRA plan as soon as possible. The earliest effective date for the termination is January 1, 2016. Acme must notify its employees before November 2, 2015, that it won't sponsor a SIMPLE IRA plan for 2016.

No, you cannot end your plan in the middle of the calendar year. Once started, you must continue your SIMPLE IRA plan for the entire calendar year, funding all contributions promised in the employee notice.

The materials of Sam Raimi's "A Simple Plan" are not unfamiliar, but rarely is a film this skillful at drawing us, step by step, into the consequences of criminal action. The central character is Hank Mitchell (Bill Paxton), who in a narration at the beginning gives us his father's formula for happiness: "A wife he loves. A decent job. Friends and neighbors that like and respect him." His older brother Jacob (Billy Bob Thornton), trapped in a lifetime of dim loneliness, would like to go out with a girl who really liked him, and someday farm the place they grew up on. Jacob's best friend Lou (Brent Briscoe) basically wants to get by, get drunk and hang out. Hank's pregnant wife Sarah (Bridget Fonda) would like enough money so she could plan the week's dinners without checking the coupons in the grocery ads.

All of these dreams seem within reach when the three men stumble across an airplane that has crashed in a nature preserve. On board they find the body of the pilot and a cache of $4 million in bills. "You want to keep it?" Hank asks incredulously. The others do. Soon he does, too. It should be a simple plan to hide the money, wait until spring and divide it among themselves. It's probably drug money, anyway, they tell themselves. Who will know? Who can complain? Hank is the smartest of the three, a college graduate. Jacob, buck-toothed and nearsighted, has never been very bright. Lou is a loose cannon. Can Hank keep them all under control? Some of the most harrowing moments in "A Simple Plan" show Hank watching in agonized frustration as the others make big, dumb blunders. Right after they find the money, for example, a law officer happens by, and what does Jacob do but blurt out to Hank, "Did you tell him about the plane? It sure sounded like a plane." At home, Hank's wife Sarah at first agrees it would be wrong to keep the money, but she turns that moral judgment around in a snap and is soon making smart suggestions: "You have to return some of the money, so it looks like no one has been there." All three men begin to dream of what they could do with the money. Then circumstances inspire one impulsive, reckless act after another--acts I will not reveal, because the strength of this film is in the way it leads its characters into doing things they could never have contemplated. e24fc04721