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Addition SIMPLE Set Up Question


Guest Gary S
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I'm not sure this question was seen at the bottom of my last chat string. I've been told by more than one insitution that they cannot accept the Merrill prototype document establishing a SIMPLE IRA plan to open a SIMPLE IRA account with their firm, even though Merrill is clearly not agreeing to act as a designated financial institution. These insitutiuons say that a model 5304 would need to be completed and signed by the employer to open the account with them. One even inserts specific language concerning their instution in Article VI of the form. I think you (Appleby) have clearly established that an additional 5304 is not neccessary where their is already a prototype document establishing the plan. But in theory should another 5304 even be done if there is already a protytpe document establishing the plan? These institutions say that the 5304 for them is simply in addition to the original document establishing the plan. But this doesn't make a lot of sense to me. If the employer signs a new 5304 that is dated after the original document establishing the plan was signed and dated isn't the employer replacing the original plan document with the new 5304 for the whole plan and not simply creating an additional document for the specific insitution that will open the account?

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I see you (Appleby) essentially answered this question in a sentence I didn't really pay close enough attention to in your last reply to my other question concerning setting up a SIMPLE IRA account. So I'll take this opportunity to thank you very much again for all your help with this issue and hope you see this message.

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The Seligman Family of Funds will accept SIMPLE-IRA contributions on behalf of a participant without requiring a second employer adopted Simple-IRA plan. Page 15 of their Simple IRA adoption packet has a one-page "Employer Special Instruction Form" fo such purpose. Hope this helps. [seligman Retirement Plan Services - 800 445-1777]

Does anyone know of other institutions that will do likewise?

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