SIMPLE plan
Employer has a simple plan in place with form 5305 (designated institution). are there deadlines for when he has to sign new form (or amend) for different institution?
Employer has a simple plan in place with form 5305 (designated institution). are there deadlines for when he has to sign new form (or amend) for different institution?
Permalink Submitted by Alan - IRA critic on Thu, 2018-11-01 15:30
Yes, the annual notification using the 5305 must be provided by 11/1 each year, however if it is late the fine is a very modest $50 per day.
Permalink Submitted by Don Warnke on Thu, 2018-11-01 15:55
so if he is going to change institutions it needs to be done by 11-1 in order to incure no penalties?
Permalink Submitted by Alan - IRA critic on Thu, 2018-11-01 16:31
Yes.