WealthRabbit Support

Can a business have more than one SIMPLE IRA plan at the same time?

No. IRS rules generally allow a business to maintain only one SIMPLE IRA plan at a time. The purpose of this restriction is to keep SIMPLE IRA plans straightforward and prevent employers from creating multiple plans to increase contribution limits.

If a business operates multiple locations or divisions under the same employer identification number, those locations are typically covered under one SIMPLE IRA plan.

If a business needs additional retirement plan flexibility or higher contribution limits, it may consider transitioning to another plan type, such as a 401(k). WealthRabbit can help employers explore alternative options as their needs evolve.