Doogan Posted November 9, 2022 Posted November 9, 2022 Hi, we offer a simple IRA. Our employee base is all per diem hourly workers. My question is, during open enrollment (11/1-12/31), does every employee have to re affirm their selection? or if they ignore the offer and are already enrolled in the prior calendar year (2022), should I continue their withholding into 2023 I know it might be off for some of you to read that an employee would not reply to this, but this is the reality with my workforce. thanks
CuseFan Posted November 9, 2022 Posted November 9, 2022 From the IRS Form 5304 model SIMPLE: V. Duration of Election This salary reduction agreement replaces any earlier agreement and will remain in effect as long as I remain an eligible employee under the SIMPLE IRA plan or until I provide my Employer with a request to end my salary reduction contributions or provide a new salary reduction agreement as permitted under this SIMPLE IRA plan. As long as the employee remains eligible, his/her latest election should continue and there is no need to re-enroll unless the employee is making a change. Bri, hr for me and Luke Bailey 3 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
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