What is the difference between 5304 & 5305 Forms?

Both Form 5304 and Form 5305 are model adoption agreements utilized to establish a Savings Incentive Match Plan for an employee’s SIMPLE IRA.

Employers submit & maintain Form 5304 when they wish to allow employees to select the financial institution for their SIMPLE IRA. Likewise, Form 5305 is filed by employers who prefer to designate the financial institution for their employee's SIMPLE IRA.