 5304 or 5305, Which form and what to do in Section 5 |
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 Aug 31 2006, 04:44 PM
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#1
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Registered User Group: Registered Posts: 22 Joined: 16-December 02 Member No.: 10,890  |
Some fund companies are no longer providing plan documents for SIMPLE IRA's auch as AIM.
They advised to use 5304 from now on. What is the difference between 5305 and 5305 ? Which do I use ? What needs to be written in Section V of the 5304 and provided to employees by November 1st ? Many THanks |
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Aug 31 2006, 04:59 PM
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#2
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Registered User Group: Sitewide Moderator Posts: 2,055 Joined: 13-May 03 Member No.: 11,673 |
Form 5304-SIMPLE allows each eligible employee to select his or her own financial institution to receive contributions.
Form 5305-SIMPLE designates a financial institution to be used. I am uncertain what to make of your comment regarding "Section V". Both forms contain an Article V which are plan definitions. -------------------- ...but then again, What Do I Know?
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