Businesses setting up their first SIMPLE IRA plan must sign plan documents by October 1, 2024 (December 31, 2024, for businesses created after October 1, 2024) to make contributions for 2024.
Businesses that currently have a SIMPLE IRA plan (not on the IRS form 5304-SIMPLE) that would like move to Ascensus must amend their existing plan documents by November 1, 2024. The effective date of your amended plan must be January 1, 2025. SIMPLE IRAs on the IRS form 5304-SIMPLE can move to Ascensus at any time. If you amend your SIMPLE IRA plan after November 1, 2024, it won’t be eligible to transfer to Ascensus until January 1, 2026.
Businesses that previously maintained a SIMPLE IRA plan must sign plan documents by November 1, 2024. The effective date of your new plan must be January 1, 2025. If you set up your new SIMPLE IRA plan after November 1, 2024, you won’t be eligible to start a new plan until January 1, 2026.
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