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Did You Amend Your SIMPLE IRA Plan for EGTRRA

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The document is a Winter 2009 edition of 'Retirement News for Employers' published by the IRS, providing essential information for sponsors of retirement plans. It highlights the need for timely amendments to SIMPLE IRA plans in accordance with the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) to maintain tax benefits. The newsletter also discusses automatic enrollment options for 401(k) plans, common plan mistakes, new IRS forms and requirements, and guidance on correcting errors in retirement plans. Additionally, it includes updates on required minimum distributions and compliance assistance resources.

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How do you correct excess SIMPLE IRA contributions?

Youll need to reduce next years contributions by the amount of the excess. For example, if your limit is $6,000 and you exceed it by $1,500 in the current year, you can offset the excess by limiting your contributions to $4,500 the following year.

When can you amend a SIMPLE IRA plan?

Each year, employees can change their contribution levels during the plans election period. This election period must be at least 60 days long, and employees must receive prior notice about the upcoming opportunity.

Can I change my SIMPLE IRA contribution at any time?

Employees may elect to stop their salary reduction contributions to a SIMPLE IRA plan at any time. If they do so, the SIMPLE IRA plan may prevent them from resuming salary reduction contributions until the beginning of the next calendar year.

What are the SIMPLE IRA rules for 2023?

The most employees can contribute to SIMPLE IRAs in 2023 is $15,500, with an additional $3,500 catch-up contribution for those age 50 and older. In 2024, the SIMPLE IRA employee contribution limit increases to $16,000, with an additional $3,500 catch-up contribution for those age 50 and older.

Can you change SIMPLE IRA custodian mid year?

To become effective January 1 of the upcoming plan year, all plan amendments (e.g., modifying the type of employer contribution or changing the designated financial institution) must be made and notification given to employees before November 2. Pro tip: SIMPLE IRA plans can be amended only on a calendar-year basis.

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What is the 2 year rule for SIMPLE IRAs?

After the 2-year period, you can make tax-free rollovers from SIMPLE IRAs to other types of non-Roth IRAs, or to an employer-sponsored retirement plan. You can also roll over money into a Roth IRA after the 2-year period, but must include any untaxed money rolled over in your income.

How do I correct excess SIMPLE IRA contributions?

Remove the excess once discovered, even after October 15. Youll need to reduce next years contributions by the amount of the excess. For example, if your limit is $6,000 and you exceed it by $1,500 in the current year, you can offset the excess by limiting your contributions to $4,500 the following year.

Can a SIMPLE IRA plan be amended?

Can I terminate or amend my SIMPLE IRA plan in the middle of the year? 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.

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