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Company Sponsored SIMPLE IRA PLans


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Our Firm is setting up a Company SIMPLE IRA plan with 10 participants.  We chose to complete a 5305 form and designate a Financial Institution. These two questions are on the Advising side: 

  1. Since these plans are Participant directed, should we follow the same guidelines as the 401(k)’s whereas we can offer guidance and education but not specifically advise on the investment selection?  With this program with Amer Funds, there are about 20 mutual funds to choose from.
  2. What about random current clients that are a part of SIMPLE IRA plan (that we are not managing as a company) but they would like for us to review and advise on their account? I just want to make sure we're handling the fiduciary duties correctly.  Would welcome any thoughts.  Thank you.
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