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What are an employer’s ongoing responsibilities for a SIMPLE IRA plan?

Employers offering a SIMPLE IRA plan have several ongoing responsibilities, including:

• Ensuring eligible employees are offered participation
• Making required employer contributions each year
• Depositing employee contributions promptly after payroll
• Providing annual employee notices
• Maintaining basic plan records

While SIMPLE IRA plans are easier to manage than many other retirement plans, these responsibilities are essential to remain compliant.

WealthRabbit automates and organizes these tasks, reducing administrative workload and minimizing compliance risks.