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annual fees


Felicia
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F: Who is charging the fees and for what kind of services? I dont see why any other party other than the the custodian needs to charge the IRA accounts for services since the only required action is for the er to make a discretionary contribution to the ee's IRA which is reported to the employee.

I thought that SEP or SIMPLE plan were designed to eliminate the admin costs of TPAs so that all contributions would go the participant's accounts.

mjb

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I thought that SEP or SIMPLE plan were designed to eliminate the admin costs of TPAs so that all contributions would go the participant's accounts.

That was what the design was supposed to do, but that is a nicer thought than reality. In our experience, particularly with the SIMPLE-IRA, plan sponsors have difficulty indentifying eligibles, rarely provide notices timely & often times have difficulty calculating the employer contribution.

Like Bird, any work we do is billed to the employer.

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And just to expand upon Rbutler's observation, many unincorporated sole props want help in calculating the proper contribution for themselves. We don't do any admin on SEP's, but we get this request a lot. If we ever decided to do this, we would certainly bill the employer for our services.

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