If you are terminated or leave the company during the year, you will be removed from your employer’s SIMPLE IRA program. Effective the final day of your employment, all contributions to your SIMPLE IRA will stop, including both the salary deferral contributions made by you, and any matching or non-elective contributions made by your employer.
However, you retain ownership of the funds in your SIMPLE IRA account. The money in the account is yours, and you have control over how it is managed and invested. You can also roll over funds to a new retirement plan if you have completed two years of participation in the existing SIMPLE IRA Program.