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Who is considered the plan sponsor for a SIMPLE IRA?

The employer that offers the SIMPLE IRA is the plan sponsor. This means the business is responsible for establishing the plan, meeting contribution obligations, providing required employee notices, and ensuring compliance with IRS rules.

Even though employees own their individual IRA accounts, the employer maintains responsibility for administering the plan properly.

WealthRabbit supports plan sponsors by simplifying setup, tracking participation, and organizing plan information on a single platform.