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Allowable Start Date for SIMPLE IRA Plan


Guest SPollock
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Guest SPollock

I have a prospect that would like to set up a SIMPLE IRA Plan with deferrals beginning in year 2000. If we give the employees notification on December 1, 1999, can we begin the deferrals after the 60 day period, ie February 1, 2000?

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Deferrals may start on January 1, 2000. Since notification was made on December 1, 1999, employees may elect to participate/or change for 60 days. If deferrals start no sooner than the end of the 60 day period, then all participating employees will be known when program kicks of.

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Deferrals may start on January 1, 2000. Since notification was made on December 1, 1999, employees may elect to participate/or change for 60 days. If deferrals start no sooner than the end of the 60 day period, then all participating employees will be known when program kicks of.

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