does employer have to give a 60 day notice before starring a
Does employer have to give a 60 day notice to the employees for a simple IRA plan that is going to be offered?
can I offer my employees a simple IRA plan in starting in June or do I have to wait till July 4th? is there an election period of 60 days ?
Permalink Submitted by Alan Spross on Thu, 2011-05-05 03:38
Yes, 60 days is the minimum period so that employees have time to make their election. The employer must also provide notice whether they are going to make matching contributions up to 3% or non elective contributions of 2% before the start of the 60 day election period.
http://www.irs.gov/pub/irs-pdf/f5305sim.pdf