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Found 3 results

  1. Does anyone know or have a reference as to whether a small employer subject to the automatic increase in the deferral limits for a SIMPLE starting in 2024 can elect to make the higher contributions? Notice 2024-2 clarified that employers with more than 25 employees can elect the higher limits and must make the higher employer contributions (4% match or 3% NEC) but are the small employers able to elect the higher employer contributions? I have not been able to find anything that says they can (or cannot). SIMPLE IRAs are not my wheelhouse so I appreciate you in advance!
  2. What say all you interesting people - in light of the new SECURE 2.0 rules for mid-year replacement of a SIMPLE IRA program with an appropriate 401(k) w/ safe harbor - is 60 days notice to participants required? Typically employers would have to notify folks by Nov 1 that the SIMPLE would not be continuing for the upcoming year. Since we are past Nov 1, do folks think notice now is sufficient? Assuming that effective Jan 1 there is an allowed replacement (401(k) SH as provided in SECURE 2.0), is notice now enough? 30 days? Something else? Seems like there is interest in having no SIMPLE in 2024, for a cleaner break, if that is possible. If there is another thread already discussing this, please point me in that direction. Thanks!
  3. Secure Act 2.0 contains provisions for Roth contributions to SIMPLE IRAs beginning 2023. Has anyone seen any documents that offer that option? I have looked at the IRS website at forms 5304-SIMPLE (Rev. March 2012) and 5305-SIMPLE (Rev March 2002). Neither has been updated to provide for Roth. Is that really an option if the federal forms don't offer it? I am working on preparing notices to clients that sponsor SIMPLE plans and want to make sure I cover the options available. Thanks.
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