SIMPLE IRA start date…

A small business (2 owners and no other employees) have been contributing to SIMPLE IRA since 2006. They just hired their first employee and want to include him in the SIMPLE IRA. Must we wait until Jan 1, 2011, to set this up for the new employee (last day to start-up is Oct 1)? EE and ER contributions for the new employee cannot begin until after Jan 1, 2011?



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