SIMPLE IRA Basics       




This course will provide you with a basic understanding of Savings Incentive Match Plans for Employees of Small Employers (SIMPLE) by focusing on the establishment and operation of a SIMPLE IRA plan. You will become familiar with the two Internal Revenue Service (IRS) model documents for establishing SIMPLE IRA plans -- IRS Form 5304-SIMPLE and IRS Form 5305-SIMPLE. These forms provide employers with easy, pre-approved ways of establishing SIMPLE IRA plans. This course will also introduce you to the IRS model SIMPLE IRA documents -- IRS Form 5305-S and IRS Form 5305-SA. SIMPLE IRAs are the only IRAs that can accept an employer's SIMPLE IRA plan contributions. This course will help you understand the responsibilities of an employer, its employees, and involved financial institutions for the successful operation of a SIMPLE IRA plan.


2 Hour(s)


  • Recognize the purpose of a SIMPLE IRA plan.
  • Identify and explain employer eligibility requirements for establishing SIMPLE IRA plans.
  • Identify and explain employee salary deferral election eligibility requirements.
  • Demonstrate awareness of the rules for establishing SIMPLE IRA plans.
  • Demonstrate an understanding of how SIMPLE IRA plan employee salary deferrals work.
  • Explain an employer's annual required SIMPLE IRA plan contribution.
  • Identify the rules of annual SIMPLE IRA plan reporting.

     73B3R4.1

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