How can I set up a SIMPLE IRA for my business through WealthRabbit?
To set up the SIMPLE IRA plan, the employer can directly log in to the WealthRabbit account and add information
regarding the business, SIMPLE IRA plan selection, and the available agreements on the left side of the page. Upon
adding the above details, you can complete the setup for the SIMPLE IRA Plan.
Follow the below steps to set up a SIMPLE IRA for your business through WealthRabbit.
Step 1: Log in to your WealthRabbit account.
Step 2: Fill out your business's retirement plan information in the respective fields and click the "Next" button.
Step 3: Set up the two-factor authentication, then proceed with your SIMPLE IRA plan setup process.
Step 4: Enter your basic information, select the business structure, and fill out the necessary information, then click
the "Save and Continue" option.
Step 5: If your business is exempt from identifying and verifying the beneficial owners, check out the relevant option
below.
Step 6: Click "Add Officer Information," fill out the details, and click the "Save" option.
Once you fill out the details, ensure the information is correct, then click the "Save and Continue" option.
Step 7: You have the option to either include all employees as eligible for the SIMPLE IRA plan or restrict employees
based on their annual compensation.
In addition, you can exclude certain employees from the SIMPLE IRA plan if they are covered under a collective
bargaining agreement. Select and mention the relevant option here and click the "Save and Continue" option.
Step 8: Here, you provide additional details about your SIMPLE IRA plan, such as the plan name and effective date of the
plan, in the relevant fields. Also you can change your retirement plan, then click the "Save and Continue" option.
Step 9: You can choose when your employee can modify their salary reduction contribution agreement, and that can be:
- Monthly
- Quarterly
- Only during the election period.
Based on your preference, select the option and then click the "Save and Continue" option.
Step 10: Choose the type of contribution that you offer your employees for this SIMPLE IRA plan. Click the "Save and
Continue" option.
Step 11: Click "Add your Bank Account" to add your account details. When adding your account, make sure the account
holder's name and the business name provided are similar.
Once you finish setting up your account details, verify them and edit or delete the account if necessary, then click
the "Continue" option.
Step 12: You must upload a copy of the agreement based on your business structure, then click the "Save and
Continue" option.
Step 13: Send the agreements to your business's authorized signer or secretary for e-signing. After signing, click
the "Continue" option.
Note: When you revoke the agreement for any one person, all the sent agreements will also be revoked.
Step 14: You can view and verify all the details of what you provided and ensure all the consent we provided, then click
the "Submit" button.
After you submit your information, we'll verify your details to set up your account. This process takes 24 to 48 hours.
Once the process is over, you'll be notified by email, and then you can invite your employees.