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Does a SIMPLE IRA plan automatically renew each year?

Once established, a SIMPLE IRA plan generally continues from year to year without needing to be recreated. Employers do not need to refile paperwork annually unless they terminate the plan or make specific changes.

However, employers may review their employer contribution method each year and update it in accordance with IRS guidelines. Required employee notices must also be distributed annually.

WealthRabbit makes annual plan management easy by handling recurring administrative tasks and keeping plan records up to date.