5305 form for SIMPLE IRAs
When the employer is filling out the 5305 form for SIMPLE IRAs and leaves Article II.2.B. blank does that mean the only option employees have for changing their salary reduction election is as contained in Article II.2.A?
In other words, unless the employer specifies, the default for the employee to modify their salary reduction agreement is 60 days preceding January 1 of the following year?
Thanks.
Permalink Submitted by Alan - IRA critic on Tue, 2013-08-06 17:29
Yes, that is correct. Employee salary reduction elections would be limited to that one 60 day period only (unless a new employee).