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|November 5, 2008  


	DOL > EBSA > Publications > SIMPLE IRA Plans for Small Businesses
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|SIMPLE IRA Plans For Small BusinessesPrinter Friendly Version  PDF VersionSIMPLE IRA Plans for Small Businesses.  To order copies, call toll-free 1.800.444.EBSA.
                      Thinking about a retirement plan? If it seems like the right thing for your 
business, here’s a SIMPLE one.
                      A SIMPLE (Savings Incentive Match Plan for Employees of
                      Small Employers) IRA plan offers great advantages for
                      businesses that meet two basic criteria. First, your
                      business must have 100 or fewer employees (who earned
                      $5,000 or more during the preceding calendar year). In
                      addition, you cannot currently have another retirement
                      plan. If you are among the thousands of business owners
                      eligible for a SIMPLE IRA plan, read on to learn more.
                      A SIMPLE IRA plan provides you and your employees with
                      a simplified way to contribute toward retirement. It
                      reduces taxes and, at the same time, attracts and retains
                      quality employees. And compared to other types of
                      retirement plans, SIMPLE IRA plans offer lower start-up
                      and annual costs ... they are just simpler to operate.
                      Other Advantages of a SIMPLE IRA Plan:
                      SIMPLE IRA plans are easy to set up and run – your
                          financial institution handles most of the details.
                        Employees can contribute, on a tax-deferred basis,
                          through convenient payroll deductions.
                        You can choose either to match the employee
                          contributions of those who decide to participate or to
                          contribute a fixed percentage of all eligible
                          employees’ pay.
                        You may be eligible for a tax credit of up to $500
                          per year for each of the first 3 years for the cost of
                          starting a SIMPLE IRA plan. (IRS Form 8881, Credit
                          for Small Employer Pension Plan Startup Costs).
                        Administrative costs are low.
                        You are not required to file annual financial
                          reports.Establishing The PlanStarting a SIMPLE IRA plan is easy to do!
                      Step 1: Contact a retirement plan professional
                      or a representative of a financial institution that offers
                      retirement plans. Many financial institutions will
                      probably have a pre-approved SIMPLE IRA plan form that you
                      can review.
                      Step 2: Choosing a financial institution to
                      maintain employees' SIMPLE IRAs is one of the most
                      important decisions you will make, since that entity
                      becomes a trustee to the plan. (Alternatively, you can
                      decide to let employees choose the financial institution
                      that will receive their contributions.)
                      Regardless of who makes the choice, only the following
                      institutions can be designated as trustees of SIMPLE IRA
                      plans: banks, mutual funds, insurance companies that issue
                      annuity contracts, and certain other financial
                      institutions that have been approved by the IRS. Trustees
                      agree to:
                      Receive and invest contributions, and
                        Provide the employer with a summary
                          description of the plan features each year.Step 3: Choose a model form or other plan
                      document offered by your financial institution. If your
                      financial institution offers a model SIMPLE IRA plan
                      document, you will have a choice of two forms to use:
                      IRS Form 5304-SIMPLE, Savings
                          Incentive Match Plan for Employees of Small Employers
                          (SIMPLE) - Not for Use With a Designated Financial
                          Institution, or
                        IRS Form 5305-SIMPLE, Savings
                          Incentive Match Plan for Employees of Small Employers
                          (SIMPLE) - for Use With a Designated Financial
                          Institution.The model form you use will depend on whether you
                      decide to select the financial institution that will
                      receive contributions or to let your employees select
                      their financial institutions.
                      If employees are allowed to select
                          the financial institutions that will receive their
                          SIMPLE IRA plan contributions, you will fill out Form
                          5304-SIMPLE.
                        If you require that all contributions
                          under the SIMPLE IRA plan be initially deposited with
                          a designated financial institution, you will fill out
                          Form 5305-SIMPLE.Your choice of the employees covered will be set out in
                      your selected plan document. You can choose to cover all
                      employees without restriction. Alternatively, you can
                      limit the employees covered to those who received at least
                      $5,000 in compensation during any 2 years prior to the
                      current calendar year and who are reasonably expected to
                      receive at least $5,000 during the current calendar year.
                      Step 4: Complete and sign the selected IRS form
                      (or other plan document, if not using a model form). When
                      it is completed and signed, this document becomes the plan’s
                      basic legal document, describing your employees’ rights
                      and benefits. Do not send it to the IRS; instead keep it
                      handy. You will want to check periodically to see that the
                      plan is kept up to date with the law.
                  Operating The PlanA SIMPLE IRA plan is true to its name when it comes to
                      plan operation. Contributions under the plan (employees'
                      and yours) are simply deposited into IRAs.
                      Participants in a SIMPLE IRA Plan
                      Employees who elect to make contributions or to whose
                      accounts you deposit contributions are participants. Your
                      obligation is to provide information to your financial
                      institution on those employees who can participate as
                      described in your plan document. You will want to keep
                      your financial institution aware of any changes in the
                      status of those employees who can participate (for
                      example, new employees).
                      Enrolling Employees in a SIMPLE IRA Plan
                      SIMPLE IRA plans operate on a calendar-year basis. An
                      employer may initially set up a SIMPLE IRA plan as late as
                      October 1.
                      A SIMPLE IRA must be set up for each employee with
                      contributions under the plan . Employees must receive
                      notice of their right to participate, to make salary
                      reduction contributions, and to receive employer
                      contributions. In addition, employees must receive
                      information about the plan, including a copy of the
                      summary description. The required notice also informs
                      employees of the plan’s election periods during which
                      eligible employees can decide to contribute to the plan.
                      For employers that use one of the model forms, page 3 of
                      Form 5304-SIMPLE and page 3 of Form 5305 SIMPLE contain a
                      model notice.
                      Employee Contributions
                      Employees can make salary reduction contributions in
                      any amount to a SIMPLE IRA plan up to the legal limits.
                      The maximum amount that an employee can contribute is
                      $10,500 in 2007. (This amount is subject to cost-of-living
                      adjustments for years after 2007.) Additional employee
                      contributions (known as catch-up contributions) are
                      allowed for employees age 50 or over. The additional
                      contribution limit is $2,500 in 2007. (This amount is
                      subject to cost-of-living adjustments for years after
                      2007.)
                      Each year, employees can change their contribution
                      levels during the plan’s election period. This election
                      period must be at least 60 days long, and employees must
                      receive prior notice about an upcoming election
                      opportunity. SIMPLE IRA plans that have already been
                      established must have an annual election period that
                      extends from November 2 to December 31. A plan can have
                      more election periods each year in addition to this 60-day
                      election period.
                      Employer Contributions
                      You have two choices in determining your contributions
                      to the SIMPLE IRA plan:
                      A 2 percent nonelective employer
                          contribution, where employees eligible to participate
                          receive an employer contribution equal to 2 percent of
                          their compensation (limited to $225,000 in 2007 and
                          subject to cost-of-living adjustments for later
                          years), regardless of whether they make their own
                          contributions.
                        A dollar-for-dollar match up to 3
                          percent of compensation, where only the participating
                          employees who have elected to make contributions will
                          receive an employer contribution, i.e., the matching
                          contribution.Each year, you can choose which one you will use for
                      the next year’s contributions. This choice is part of
                      the information you are required to communicate to
                      employees before the beginning of the 60-day election
                      period.
                      Depositing and Investing Plan Contributions
                      Employee contributions must be deposited in the
                      financial institution serving as trustee for the plan
                      within 30 days after the end of the month in which the
                      amounts would otherwise have been payable to the employee
                      in cash. Your employer contributions must be made by the
                      due date (including extensions) for filing your business’s
                      Federal income tax return for the year.
                      After forwarding the SIMPLE IRA plan contributions to
                      the trustee, the trustee will invest the funds, in many
                      cases at the direction of the participants. SIMPLE IRAs
                      can be invested in stocks, bonds, mutual funds, and
                      similar types of investments. Employee and employer
                      contributions are always 100 percent vested—that is, the
                      money an employee has put aside plus employer
                      contributions and earnings from investments cannot be
                      forfeited. Employees can move their SIMPLE IRA assets from
                      one SIMPLE IRA plan to another in accordance with the
                      procedures of the financial institution.
                      How Does a SIMPLE IRA Plan Work?Example 1:Elizabeth works for the Rockland Quarry
                              Company, a small business with 50 employees.
                              Rockland has decided to establish a SIMPLE IRA
                              plan for all its employees and will match its
                              employees’ contributions dollar-for-dollar up to
                              3 percent of each employee’s salary. Under this
                              option, if a Rockland employee does not contribute
                              to his or her SIMPLE IRA, then that employee does
                              not receive any matching employer contributions
                              from Rockland.
                              Elizabeth has a yearly salary of $50,000 and
                              decides to contribute 5 percent of her salary to
                              her SIMPLE IRA. Elizabeth’s yearly contribution
                              is $2,500 (5 percent of $50,000). The Rockland
                              matching contribution is $1,500 (3 percent of
                              $50,000). Therefore, the total contribution to
                              Elizabeth’s SIMPLE IRA that year is $4,000 (her
                              $2,500 contribution plus the $1,500 contribution
                              from Rockland). The financial institution
                              partnering with Rockland on the SIMPLE IRA has
                              several investment choices and Elizabeth is free
                              to pick and choose which ones suit her best.
                              Example 2:Austin works for the Skidmore Tire Company, a
                              small business with 75 employees. Skidmore has
                              decided to establish a SIMPLE IRA plan for all its
                              employees and will make a 2 percent nonelective
                              contribution for each of its employees. Under this
                              option, even if an eligible Skidmore employee does
                              not contribute to his or her SIMPLE IRA, that
                              employee would still receive an employer
                              nonelective contribution to his or her SIMPLE IRA
                              equal to 2 percent of salary.
                              Austin has a yearly salary of $40,000 and has
                              decided that this year he simply cannot make a
                              contribution to his SIMPLE IRA. Even though Austin
                              does not make a contribution this year, Skidmore
                              must make a nonelective contribution of $800 (2
                              percent of $40,000). The financial institution
                              partnering with Skidmore on the SIMPLE IRA has
                              several investment choices, and Austin has the
                              same investment options as the other plan
                              participants.
                      Communicating With Employees
                      There are two key disclosure documents that keep
                      participants informed about the basics of how the plan
                      operates, inform them of changes in the plan’s structure
                      and operation, and provide them a chance to make decisions
                      and take timely action with respect to their accounts.
                      The summary description is a
                      plain-language explanation of the plan and is
                      comprehensive enough to inform participants of their
                      rights and responsibilities under the plan. It also
                      informs participants about the features of the plan. This
                      document is usually provided by the financial institution
                      and is given to participants at the plan’s inception,
                      when employees first join the plan, and annually
                      thereafter.
                      A summary description must include:
                      The names and addresses of the
                          employer and trustee,
                        A description of the requirements for
                          eligibility to participate,
                        The benefits provided,
                        The time and method of making salary
                          elections, and
                        The procedure for, and effects of,
                          withdrawals and rollovers (including the penalties for
                          early withdrawals).You can satisfy the summary description requirement by
                      providing employees with the most recent copy of IRS Form
                      5304-SIMPLE or 5305-SIMPLE provided by the financial
                      institution (if one of these model forms is used to
                      establish the SIMPLE IRA plan), along with the financial
                      institution's procedures for withdrawals and transfers.
                      Each year, in addition to the information above,
                      employees must receive an annual election notice
                      describing their right to make salary reduction
                      contributions and your decision to make either matching or
                      nonelective contributions for the following year. For
                      employers that use one of the model forms, page 3 of Form
                      5304-SIMPLE and page 3 of Form 5305-SIMPLE contain a Model
                      Notification to Eligible Employees that can be used to
                      provide this information to employees.
                      Every year, during the 60-day election period at the
                      end of the year, employees must be given the opportunity
                      to enter into a salary reduction agreement or to modify an
                      existing agreement.
                      Reporting to the Government
                      SIMPLE IRA plans are not required to file annual
                      financial reports with the government.
                      Distributions from the plan are reported by the
                      financial institution making the distribution to both the
                      IRS and the recipients of the distributions on Form 1099-R,
                      Distributions From Pensions, Annuities, Retirement
                      or Profit-Sharing Plans, IRAs, Insurance Contracts,
                      etc.
                      The financial institution/trustee handling the SIMPLE
                      IRAs provides the IRS and participants with an annual
                      statement containing contribution and fair market value
                      information on Form 5498, Individual Retirement
                      Arrangement Contribution Information.
                      SIMPLE IRA contributions are not included in the “Wages,
                      tips, other compensation” box of Form W-2, Wage and
                      Tax Statement. However, salary reduction contributions
                      must be included in the boxes for Social Security and
                      Medicare wages.
                      When Employees Want to Stop Contributions
                      Employees may elect to terminate their salary reduction
                      contributions to a SIMPLE IRA plan at any time. If they do
                      so, the SIMPLE IRA plan may preclude them from resuming
                      salary reduction contributions until the beginning of the
                      next calendar year. Employers that are making nonelective
                      employer contributions must continue to make them on
                      behalf of these employees.
                      Distributions
                      Participants cannot take loans from their SIMPLE IRAs.
                      SIMPLE IRA contributions and earnings can be withdrawn
                      at any time. When participants take a distribution, they
                      typically can elect to:
                      Take a lump sum distribution of their
                          account, or
                        Roll over their account to an IRA or
                          another employer’s retirement plan.Distributions from a SIMPLE IRA are generally subject
                      to income tax for the year in which they are received. If
                      a participant takes a withdrawal from a SIMPLE IRA before
                      age 591⁄2, generally a 10 percent additional tax applies.
                      If such withdrawal occurs within 2 years of beginning
                      participation, the 10 percent tax is increased to 25
                      percent.
                      SIMPLE IRA contributions and earnings may be rolled
                      over tax-free from one SIMPLE IRA to another. A tax-free
                      rollover may also be made from a SIMPLE IRA to another
                      type of IRA, or to another employer’s qualified plan,
                      after 2 years of beginning participation in the original
                      plan.
                      A specific minimum amount of SIMPLE IRA contributions
                      and earnings is required to be distributed by April 1 of
                      the year following the year the participant reaches age
                      701⁄2. After this initial year, the participant must
                      receive a required minimum distribution for each year by
                      December 31 of that year. (For further details regarding
                      the required minimum distribution amount, see IRS
                      Publication 590, Individual Retirement Arrangements
                      (IRAs).)
                      Monitoring the Trustee
                      As the plan sponsor, you should monitor the trustee to
                      assure that it is doing everything that it is required to
                      do. You should also ensure that the trustee’s fees are
                      reasonable for the services it is providing. If the
                      trustee is not doing its job properly, or if its fees are
                      not reasonable, you should consider replacing the trustee.
                      Terminating The PlanAlthough SIMPLE IRA plans are established with the
                      intention of being ongoing, the time may come when a
                      SIMPLE IRA plan no longer suits the purposes of your
                      business. When that happens, consult with your financial
                      institution to determine if another type of retirement
                      plan might be a better alternative.
                      To terminate a SIMPLE IRA plan, notify the financial
                      institution that you will not make a contribution for the
                      next calendar year and that you want to terminate the
                      contract or agreement.
                      You must also notify your employees that the SIMPLE IRA
                      plan will be discontinued.
                      You do not need to give any notice to the IRS that the
                      SIMPLE IRA plan has been terminated.
                      Mistakes ... And How To Correct ThemEven with the best intentions, mistakes in plan
                      operation can still happen. The U.S. Department of Labor
                      and the IRS have correction programs to help SIMPLE IRA
                      plan sponsors correct plan errors, protect participants,
                      and keep the plan’s tax benefits. These programs are
                      structured to encourage you to correct the errors early.
                      Periodically reviewing the plan makes it easier to spot
                      and correct mistakes in plan operation. See the Resources
                      section for further information.
                      Your SIMPLE IRA Plan — A Quick ReviewChoose a financial institution to set up your
                      SIMPLE IRA plan.
                        Enroll your employees and start salary
                      reduction contributions.
                        Deposit contributions timely.
                        Tell your employees about their rights under
                      the plan .
                        Monitor your trustee.ResourcesThe U.S. Department of Labor’s (DOL’s) Employee
                      Benefits Security Administration and the IRS feature this
                      booklet and additional information on retirement plans on
                      their Web sites:
                      www.dol.gov/ebsa - Click on “Compliance Assistance
                      for Small Employers” and on “Publications/Reports”
                      for information to help you understand and operate your
                      SIMPLE IRA plan. This Web site also has information to
                      help your employees understand the importance of saving
                      for retirement.
                      www.irs.gov/ep - Click on “Plan Sponsor/Employer.”
                      This Web site is filled with plain-language information
                      that will help you maintain your SIMPLE IRA plan properly.
                      All the IRS forms and publications mentioned in this
                      booklet are available here.
                      In addition, the following jointly developed
                      publications are available on the IRS and DOL Web sites
                      and can be ordered through the toll-free numbers listed
                      below:
                      Choosing a Retirement Solution for Your Small
                          Business, Publication 3998, provides an overview of
                      retirement plans available to small businesses.
                        Retirement Plan Correction
                          Programs,
                      Publication 4224, provides a brief description of the IRS,
                      DOL, and Pension Benefit Guaranty Corporation (PBGC)
                      correction programs.
                        Retirement Plan Correction Programs
                          CD-ROM,
                      Publication 4050, provides in-depth information on the
                      IRS, DOL, and PBGC correction programs.
                        Payroll Deduction IRAs for Small
                          Businesses,
                      Publication 4587, describes an arrangement that is an easy
                      way for businesses to give employees an opportunity to
                      save for retirement.
                        SEP Retirement Plans for Small
                          Businesses,
                      Publication 4333, describes another type of retirement
                      plan designed for small businesses.
                        401(k) Plans for Small
                          Businesses, Publication
                      4222, provides detailed information regarding the
                      establishment and operation of a 401(k) plan.Order from:
                      IRS: 1.800.TAX-FORM (1.800.829.3676)
                      DOL: 1.866.444.EBSA (3272)
                      Related materials available from DOL:
                      DOL sponsors two interactive Web sites - the Small
                      Business Advisor, available at www.dol.gov/elaws/pwbaplan.htm,
                      and, along with the American Institute of Certified Public
                      Accounts (AICPA), www.choosingaretirementsolution.org.
                      Related materials available from the IRS:
                      Publication 560, Retirement Plans for Small
                      Business (SEP, SIMPLE, and Qualified Plans).
                        Publication 590, Individual Retirement
                      Arrangements (IRAs).
                        Publication 4405, Have You Had Your Check-Up
                      This Year? for SIMPLE IRAs, SEPs, and Similar Retirement
                      Plans.SIMPLE IRA Plans for Small
                      Businesses is a joint project of the U.S. Department of
                      Labor's Employee Benefits Security Administration (EBSA) and the
                      Internal Revenue
                  Service.This publication and other EBSA
                      materials are available by calling toll-free
                      1.866.444.EBSA (3272).  It is also available from the
                      Internal Revenue Service at 1.800.TAX-FORM
                      (1.800.829.3676).This material will be made available to
                  sensory impaired individuals upon request:
                  Voice phone: 202.693.8664, Text Telephone: 202.501.3911.This booklet constitutes a small entity
                  compliance guide for purposes of the Small Business Regulatory
                  Enforcement Fairness Act of 1996. | SIMPLE IRA Plans For Small BusinessesPrinter Friendly Version  PDF VersionSIMPLE IRA Plans for Small Businesses.  To order copies, call toll-free 1.800.444.EBSA.
                      Thinking about a retirement plan? If it seems like the right thing for your 
business, here’s a SIMPLE one.
                      A SIMPLE (Savings Incentive Match Plan for Employees of
                      Small Employers) IRA plan offers great advantages for
                      businesses that meet two basic criteria. First, your
                      business must have 100 or fewer employees (who earned
                      $5,000 or more during the preceding calendar year). In
                      addition, you cannot currently have another retirement
                      plan. If you are among the thousands of business owners
                      eligible for a SIMPLE IRA plan, read on to learn more.
                      A SIMPLE IRA plan provides you and your employees with
                      a simplified way to contribute toward retirement. It
                      reduces taxes and, at the same time, attracts and retains
                      quality employees. And compared to other types of
                      retirement plans, SIMPLE IRA plans offer lower start-up
                      and annual costs ... they are just simpler to operate.
                      Other Advantages of a SIMPLE IRA Plan:
                      SIMPLE IRA plans are easy to set up and run – your
                          financial institution handles most of the details.
                        Employees can contribute, on a tax-deferred basis,
                          through convenient payroll deductions.
                        You can choose either to match the employee
                          contributions of those who decide to participate or to
                          contribute a fixed percentage of all eligible
                          employees’ pay.
                        You may be eligible for a tax credit of up to $500
                          per year for each of the first 3 years for the cost of
                          starting a SIMPLE IRA plan. (IRS Form 8881, Credit
                          for Small Employer Pension Plan Startup Costs).
                        Administrative costs are low.
                        You are not required to file annual financial
                          reports.Establishing The PlanStarting a SIMPLE IRA plan is easy to do!
                      Step 1: Contact a retirement plan professional
                      or a representative of a financial institution that offers
                      retirement plans. Many financial institutions will
                      probably have a pre-approved SIMPLE IRA plan form that you
                      can review.
                      Step 2: Choosing a financial institution to
                      maintain employees' SIMPLE IRAs is one of the most
                      important decisions you will make, since that entity
                      becomes a trustee to the plan. (Alternatively, you can
                      decide to let employees choose the financial institution
                      that will receive their contributions.)
                      Regardless of who makes the choice, only the following
                      institutions can be designated as trustees of SIMPLE IRA
                      plans: banks, mutual funds, insurance companies that issue
                      annuity contracts, and certain other financial
                      institutions that have been approved by the IRS. Trustees
                      agree to:
                      Receive and invest contributions, and
                        Provide the employer with a summary
                          description of the plan features each year.Step 3: Choose a model form or other plan
                      document offered by your financial institution. If your
                      financial institution offers a model SIMPLE IRA plan
                      document, you will have a choice of two forms to use:
                      IRS Form 5304-SIMPLE, Savings
                          Incentive Match Plan for Employees of Small Employers
                          (SIMPLE) - Not for Use With a Designated Financial
                          Institution, or
                        IRS Form 5305-SIMPLE, Savings
                          Incentive Match Plan for Employees of Small Employers
                          (SIMPLE) - for Use With a Designated Financial
                          Institution.The model form you use will depend on whether you
                      decide to select the financial institution that will
                      receive contributions or to let your employees select
                      their financial institutions.
                      If employees are allowed to select
                          the financial institutions that will receive their
                          SIMPLE IRA plan contributions, you will fill out Form
                          5304-SIMPLE.
                        If you require that all contributions
                          under the SIMPLE IRA plan be initially deposited with
                          a designated financial institution, you will fill out
                          Form 5305-SIMPLE.Your choice of the employees covered will be set out in
                      your selected plan document. You can choose to cover all
                      employees without restriction. Alternatively, you can
                      limit the employees covered to those who received at least
                      $5,000 in compensation during any 2 years prior to the
                      current calendar year and who are reasonably expected to
                      receive at least $5,000 during the current calendar year.
                      Step 4: Complete and sign the selected IRS form
                      (or other plan document, if not using a model form). When
                      it is completed and signed, this document becomes the plan’s
                      basic legal document, describing your employees’ rights
                      and benefits. Do not send it to the IRS; instead keep it
                      handy. You will want to check periodically to see that the
                      plan is kept up to date with the law.
                  Operating The PlanA SIMPLE IRA plan is true to its name when it comes to
                      plan operation. Contributions under the plan (employees'
                      and yours) are simply deposited into IRAs.
                      Participants in a SIMPLE IRA Plan
                      Employees who elect to make contributions or to whose
                      accounts you deposit contributions are participants. Your
                      obligation is to provide information to your financial
                      institution on those employees who can participate as
                      described in your plan document. You will want to keep
                      your financial institution aware of any changes in the
                      status of those employees who can participate (for
                      example, new employees).
                      Enrolling Employees in a SIMPLE IRA Plan
                      SIMPLE IRA plans operate on a calendar-year basis. An
                      employer may initially set up a SIMPLE IRA plan as late as
                      October 1.
                      A SIMPLE IRA must be set up for each employee with
                      contributions under the plan . Employees must receive
                      notice of their right to participate, to make salary
                      reduction contributions, and to receive employer
                      contributions. In addition, employees must receive
                      information about the plan, including a copy of the
                      summary description. The required notice also informs
                      employees of the plan’s election periods during which
                      eligible employees can decide to contribute to the plan.
                      For employers that use one of the model forms, page 3 of
                      Form 5304-SIMPLE and page 3 of Form 5305 SIMPLE contain a
                      model notice.
                      Employee Contributions
                      Employees can make salary reduction contributions in
                      any amount to a SIMPLE IRA plan up to the legal limits.
                      The maximum amount that an employee can contribute is
                      $10,500 in 2007. (This amount is subject to cost-of-living
                      adjustments for years after 2007.) Additional employee
                      contributions (known as catch-up contributions) are
                      allowed for employees age 50 or over. The additional
                      contribution limit is $2,500 in 2007. (This amount is
                      subject to cost-of-living adjustments for years after
                      2007.)
                      Each year, employees can change their contribution
                      levels during the plan’s election period. This election
                      period must be at least 60 days long, and employees must
                      receive prior notice about an upcoming election
                      opportunity. SIMPLE IRA plans that have already been
                      established must have an annual election period that
                      extends from November 2 to December 31. A plan can have
                      more election periods each year in addition to this 60-day
                      election period.
                      Employer Contributions
                      You have two choices in determining your contributions
                      to the SIMPLE IRA plan:
                      A 2 percent nonelective employer
                          contribution, where employees eligible to participate
                          receive an employer contribution equal to 2 percent of
                          their compensation (limited to $225,000 in 2007 and
                          subject to cost-of-living adjustments for later
                          years), regardless of whether they make their own
                          contributions.
                        A dollar-for-dollar match up to 3
                          percent of compensation, where only the participating
                          employees who have elected to make contributions will
                          receive an employer contribution, i.e., the matching
                          contribution.Each year, you can choose which one you will use for
                      the next year’s contributions. This choice is part of
                      the information you are required to communicate to
                      employees before the beginning of the 60-day election
                      period.
                      Depositing and Investing Plan Contributions
                      Employee contributions must be deposited in the
                      financial institution serving as trustee for the plan
                      within 30 days after the end of the month in which the
                      amounts would otherwise have been payable to the employee
                      in cash. Your employer contributions must be made by the
                      due date (including extensions) for filing your business’s
                      Federal income tax return for the year.
                      After forwarding the SIMPLE IRA plan contributions to
                      the trustee, the trustee will invest the funds, in many
                      cases at the direction of the participants. SIMPLE IRAs
                      can be invested in stocks, bonds, mutual funds, and
                      similar types of investments. Employee and employer
                      contributions are always 100 percent vested—that is, the
                      money an employee has put aside plus employer
                      contributions and earnings from investments cannot be
                      forfeited. Employees can move their SIMPLE IRA assets from
                      one SIMPLE IRA plan to another in accordance with the
                      procedures of the financial institution.
                      How Does a SIMPLE IRA Plan Work?Example 1:Elizabeth works for the Rockland Quarry
                              Company, a small business with 50 employees.
                              Rockland has decided to establish a SIMPLE IRA
                              plan for all its employees and will match its
                              employees’ contributions dollar-for-dollar up to
                              3 percent of each employee’s salary. Under this
                              option, if a Rockland employee does not contribute
                              to his or her SIMPLE IRA, then that employee does
                              not receive any matching employer contributions
                              from Rockland.
                              Elizabeth has a yearly salary of $50,000 and
                              decides to contribute 5 percent of her salary to
                              her SIMPLE IRA. Elizabeth’s yearly contribution
                              is $2,500 (5 percent of $50,000). The Rockland
                              matching contribution is $1,500 (3 percent of
                              $50,000). Therefore, the total contribution to
                              Elizabeth’s SIMPLE IRA that year is $4,000 (her
                              $2,500 contribution plus the $1,500 contribution
                              from Rockland). The financial institution
                              partnering with Rockland on the SIMPLE IRA has
                              several investment choices and Elizabeth is free
                              to pick and choose which ones suit her best.
                              Example 2:Austin works for the Skidmore Tire Company, a
                              small business with 75 employees. Skidmore has
                              decided to establish a SIMPLE IRA plan for all its
                              employees and will make a 2 percent nonelective
                              contribution for each of its employees. Under this
                              option, even if an eligible Skidmore employee does
                              not contribute to his or her SIMPLE IRA, that
                              employee would still receive an employer
                              nonelective contribution to his or her SIMPLE IRA
                              equal to 2 percent of salary.
                              Austin has a yearly salary of $40,000 and has
                              decided that this year he simply cannot make a
                              contribution to his SIMPLE IRA. Even though Austin
                              does not make a contribution this year, Skidmore
                              must make a nonelective contribution of $800 (2
                              percent of $40,000). The financial institution
                              partnering with Skidmore on the SIMPLE IRA has
                              several investment choices, and Austin has the
                              same investment options as the other plan
                              participants.
                      Communicating With Employees
                      There are two key disclosure documents that keep
                      participants informed about the basics of how the plan
                      operates, inform them of changes in the plan’s structure
                      and operation, and provide them a chance to make decisions
                      and take timely action with respect to their accounts.
                      The summary description is a
                      plain-language explanation of the plan and is
                      comprehensive enough to inform participants of their
                      rights and responsibilities under the plan. It also
                      informs participants about the features of the plan. This
                      document is usually provided by the financial institution
                      and is given to participants at the plan’s inception,
                      when employees first join the plan, and annually
                      thereafter.
                      A summary description must include:
                      The names and addresses of the
                          employer and trustee,
                        A description of the requirements for
                          eligibility to participate,
                        The benefits provided,
                        The time and method of making salary
                          elections, and
                        The procedure for, and effects of,
                          withdrawals and rollovers (including the penalties for
                          early withdrawals).You can satisfy the summary description requirement by
                      providing employees with the most recent copy of IRS Form
                      5304-SIMPLE or 5305-SIMPLE provided by the financial
                      institution (if one of these model forms is used to
                      establish the SIMPLE IRA plan), along with the financial
                      institution's procedures for withdrawals and transfers.
                      Each year, in addition to the information above,
                      employees must receive an annual election notice
                      describing their right to make salary reduction
                      contributions and your decision to make either matching or
                      nonelective contributions for the following year. For
                      employers that use one of the model forms, page 3 of Form
                      5304-SIMPLE and page 3 of Form 5305-SIMPLE contain a Model
                      Notification to Eligible Employees that can be used to
                      provide this information to employees.
                      Every year, during the 60-day election period at the
                      end of the year, employees must be given the opportunity
                      to enter into a salary reduction agreement or to modify an
                      existing agreement.
                      Reporting to the Government
                      SIMPLE IRA plans are not required to file annual
                      financial reports with the government.
                      Distributions from the plan are reported by the
                      financial institution making the distribution to both the
                      IRS and the recipients of the distributions on Form 1099-R,
                      Distributions From Pensions, Annuities, Retirement
                      or Profit-Sharing Plans, IRAs, Insurance Contracts,
                      etc.
                      The financial institution/trustee handling the SIMPLE
                      IRAs provides the IRS and participants with an annual
                      statement containing contribution and fair market value
                      information on Form 5498, Individual Retirement
                      Arrangement Contribution Information.
                      SIMPLE IRA contributions are not included in the “Wages,
                      tips, other compensation” box of Form W-2, Wage and
                      Tax Statement. However, salary reduction contributions
                      must be included in the boxes for Social Security and
                      Medicare wages.
                      When Employees Want to Stop Contributions
                      Employees may elect to terminate their salary reduction
                      contributions to a SIMPLE IRA plan at any time. If they do
                      so, the SIMPLE IRA plan may preclude them from resuming
                      salary reduction contributions until the beginning of the
                      next calendar year. Employers that are making nonelective
                      employer contributions must continue to make them on
                      behalf of these employees.
                      Distributions
                      Participants cannot take loans from their SIMPLE IRAs.
                      SIMPLE IRA contributions and earnings can be withdrawn
                      at any time. When participants take a distribution, they
                      typically can elect to:
                      Take a lump sum distribution of their
                          account, or
                        Roll over their account to an IRA or
                          another employer’s retirement plan.Distributions from a SIMPLE IRA are generally subject
                      to income tax for the year in which they are received. If
                      a participant takes a withdrawal from a SIMPLE IRA before
                      age 591⁄2, generally a 10 percent additional tax applies.
                      If such withdrawal occurs within 2 years of beginning
                      participation, the 10 percent tax is increased to 25
                      percent.
                      SIMPLE IRA contributions and earnings may be rolled
                      over tax-free from one SIMPLE IRA to another. A tax-free
                      rollover may also be made from a SIMPLE IRA to another
                      type of IRA, or to another employer’s qualified plan,
                      after 2 years of beginning participation in the original
                      plan.
                      A specific minimum amount of SIMPLE IRA contributions
                      and earnings is required to be distributed by April 1 of
                      the year following the year the participant reaches age
                      701⁄2. After this initial year, the participant must
                      receive a required minimum distribution for each year by
                      December 31 of that year. (For further details regarding
                      the required minimum distribution amount, see IRS
                      Publication 590, Individual Retirement Arrangements
                      (IRAs).)
                      Monitoring the Trustee
                      As the plan sponsor, you should monitor the trustee to
                      assure that it is doing everything that it is required to
                      do. You should also ensure that the trustee’s fees are
                      reasonable for the services it is providing. If the
                      trustee is not doing its job properly, or if its fees are
                      not reasonable, you should consider replacing the trustee.
                      Terminating The PlanAlthough SIMPLE IRA plans are established with the
                      intention of being ongoing, the time may come when a
                      SIMPLE IRA plan no longer suits the purposes of your
                      business. When that happens, consult with your financial
                      institution to determine if another type of retirement
                      plan might be a better alternative.
                      To terminate a SIMPLE IRA plan, notify the financial
                      institution that you will not make a contribution for the
                      next calendar year and that you want to terminate the
                      contract or agreement.
                      You must also notify your employees that the SIMPLE IRA
                      plan will be discontinued.
                      You do not need to give any notice to the IRS that the
                      SIMPLE IRA plan has been terminated.
                      Mistakes ... And How To Correct ThemEven with the best intentions, mistakes in plan
                      operation can still happen. The U.S. Department of Labor
                      and the IRS have correction programs to help SIMPLE IRA
                      plan sponsors correct plan errors, protect participants,
                      and keep the plan’s tax benefits. These programs are
                      structured to encourage you to correct the errors early.
                      Periodically reviewing the plan makes it easier to spot
                      and correct mistakes in plan operation. See the Resources
                      section for further information.
                      Your SIMPLE IRA Plan — A Quick ReviewChoose a financial institution to set up your
                      SIMPLE IRA plan.
                        Enroll your employees and start salary
                      reduction contributions.
                        Deposit contributions timely.
                        Tell your employees about their rights under
                      the plan .
                        Monitor your trustee.ResourcesThe U.S. Department of Labor’s (DOL’s) Employee
                      Benefits Security Administration and the IRS feature this
                      booklet and additional information on retirement plans on
                      their Web sites:
                      www.dol.gov/ebsa - Click on “Compliance Assistance
                      for Small Employers” and on “Publications/Reports”
                      for information to help you understand and operate your
                      SIMPLE IRA plan. This Web site also has information to
                      help your employees understand the importance of saving
                      for retirement.
                      www.irs.gov/ep - Click on “Plan Sponsor/Employer.”
                      This Web site is filled with plain-language information
                      that will help you maintain your SIMPLE IRA plan properly.
                      All the IRS forms and publications mentioned in this
                      booklet are available here.
                      In addition, the following jointly developed
                      publications are available on the IRS and DOL Web sites
                      and can be ordered through the toll-free numbers listed
                      below:
                      Choosing a Retirement Solution for Your Small
                          Business, Publication 3998, provides an overview of
                      retirement plans available to small businesses.
                        Retirement Plan Correction
                          Programs,
                      Publication 4224, provides a brief description of the IRS,
                      DOL, and Pension Benefit Guaranty Corporation (PBGC)
                      correction programs.
                        Retirement Plan Correction Programs
                          CD-ROM,
                      Publication 4050, provides in-depth information on the
                      IRS, DOL, and PBGC correction programs.
                        Payroll Deduction IRAs for Small
                          Businesses,
                      Publication 4587, describes an arrangement that is an easy
                      way for businesses to give employees an opportunity to
                      save for retirement.
                        SEP Retirement Plans for Small
                          Businesses,
                      Publication 4333, describes another type of retirement
                      plan designed for small businesses.
                        401(k) Plans for Small
                          Businesses, Publication
                      4222, provides detailed information regarding the
                      establishment and operation of a 401(k) plan.Order from:
                      IRS: 1.800.TAX-FORM (1.800.829.3676)
                      DOL: 1.866.444.EBSA (3272)
                      Related materials available from DOL:
                      DOL sponsors two interactive Web sites - the Small
                      Business Advisor, available at www.dol.gov/elaws/pwbaplan.htm,
                      and, along with the American Institute of Certified Public
                      Accounts (AICPA), www.choosingaretirementsolution.org.
                      Related materials available from the IRS:
                      Publication 560, Retirement Plans for Small
                      Business (SEP, SIMPLE, and Qualified Plans).
                        Publication 590, Individual Retirement
                      Arrangements (IRAs).
                        Publication 4405, Have You Had Your Check-Up
                      This Year? for SIMPLE IRAs, SEPs, and Similar Retirement
                      Plans.SIMPLE IRA Plans for Small
                      Businesses is a joint project of the U.S. Department of
                      Labor's Employee Benefits Security Administration (EBSA) and the
                      Internal Revenue
                  Service.This publication and other EBSA
                      materials are available by calling toll-free
                      1.866.444.EBSA (3272).  It is also available from the
                      Internal Revenue Service at 1.800.TAX-FORM
                      (1.800.829.3676).This material will be made available to
                  sensory impaired individuals upon request:
                  Voice phone: 202.693.8664, Text Telephone: 202.501.3911.This booklet constitutes a small entity
                  compliance guide for purposes of the Small Business Regulatory
                  Enforcement Fairness Act of 1996. | How Does a SIMPLE IRA Plan Work?Example 1:Elizabeth works for the Rockland Quarry
                              Company, a small business with 50 employees.
                              Rockland has decided to establish a SIMPLE IRA
                              plan for all its employees and will match its
                              employees’ contributions dollar-for-dollar up to
                              3 percent of each employee’s salary. Under this
                              option, if a Rockland employee does not contribute
                              to his or her SIMPLE IRA, then that employee does
                              not receive any matching employer contributions
                              from Rockland.
                              Elizabeth has a yearly salary of $50,000 and
                              decides to contribute 5 percent of her salary to
                              her SIMPLE IRA. Elizabeth’s yearly contribution
                              is $2,500 (5 percent of $50,000). The Rockland
                              matching contribution is $1,500 (3 percent of
                              $50,000). Therefore, the total contribution to
                              Elizabeth’s SIMPLE IRA that year is $4,000 (her
                              $2,500 contribution plus the $1,500 contribution
                              from Rockland). The financial institution
                              partnering with Rockland on the SIMPLE IRA has
                              several investment choices and Elizabeth is free
                              to pick and choose which ones suit her best.
                              Example 2:Austin works for the Skidmore Tire Company, a
                              small business with 75 employees. Skidmore has
                              decided to establish a SIMPLE IRA plan for all its
                              employees and will make a 2 percent nonelective
                              contribution for each of its employees. Under this
                              option, even if an eligible Skidmore employee does
                              not contribute to his or her SIMPLE IRA, that
                              employee would still receive an employer
                              nonelective contribution to his or her SIMPLE IRA
                              equal to 2 percent of salary.
                              Austin has a yearly salary of $40,000 and has
                              decided that this year he simply cannot make a
                              contribution to his SIMPLE IRA. Even though Austin
                              does not make a contribution this year, Skidmore
                              must make a nonelective contribution of $800 (2
                              percent of $40,000). The financial institution
                              partnering with Skidmore on the SIMPLE IRA has
                              several investment choices, and Austin has the
                              same investment options as the other plan
                              participants.
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|SIMPLE IRA Plans For Small BusinessesPrinter Friendly Version  PDF VersionSIMPLE IRA Plans for Small Businesses.  To order copies, call toll-free 1.800.444.EBSA.
                      Thinking about a retirement plan? If it seems like the right thing for your 
business, here’s a SIMPLE one.
                      A SIMPLE (Savings Incentive Match Plan for Employees of
                      Small Employers) IRA plan offers great advantages for
                      businesses that meet two basic criteria. First, your
                      business must have 100 or fewer employees (who earned
                      $5,000 or more during the preceding calendar year). In
                      addition, you cannot currently have another retirement
                      plan. If you are among the thousands of business owners
                      eligible for a SIMPLE IRA plan, read on to learn more.
                      A SIMPLE IRA plan provides you and your employees with
                      a simplified way to contribute toward retirement. It
                      reduces taxes and, at the same time, attracts and retains
                      quality employees. And compared to other types of
                      retirement plans, SIMPLE IRA plans offer lower start-up
                      and annual costs ... they are just simpler to operate.
                      Other Advantages of a SIMPLE IRA Plan:
                      SIMPLE IRA plans are easy to set up and run – your
                          financial institution handles most of the details.
                        Employees can contribute, on a tax-deferred basis,
                          through convenient payroll deductions.
                        You can choose either to match the employee
                          contributions of those who decide to participate or to
                          contribute a fixed percentage of all eligible
                          employees’ pay.
                        You may be eligible for a tax credit of up to $500
                          per year for each of the first 3 years for the cost of
                          starting a SIMPLE IRA plan. (IRS Form 8881, Credit
                          for Small Employer Pension Plan Startup Costs).
                        Administrative costs are low.
                        You are not required to file annual financial
                          reports.Establishing The PlanStarting a SIMPLE IRA plan is easy to do!
                      Step 1: Contact a retirement plan professional
                      or a representative of a financial institution that offers
                      retirement plans. Many financial institutions will
                      probably have a pre-approved SIMPLE IRA plan form that you
                      can review.
                      Step 2: Choosing a financial institution to
                      maintain employees' SIMPLE IRAs is one of the most
                      important decisions you will make, since that entity
                      becomes a trustee to the plan. (Alternatively, you can
                      decide to let employees choose the financial institution
                      that will receive their contributions.)
                      Regardless of who makes the choice, only the following
                      institutions can be designated as trustees of SIMPLE IRA
                      plans: banks, mutual funds, insurance companies that issue
                      annuity contracts, and certain other financial
                      institutions that have been approved by the IRS. Trustees
                      agree to:
                      Receive and invest contributions, and
                        Provide the employer with a summary
                          description of the plan features each year.Step 3: Choose a model form or other plan
                      document offered by your financial institution. If your
                      financial institution offers a model SIMPLE IRA plan
                      document, you will have a choice of two forms to use:
                      IRS Form 5304-SIMPLE, Savings
                          Incentive Match Plan for Employees of Small Employers
                          (SIMPLE) - Not for Use With a Designated Financial
                          Institution, or
                        IRS Form 5305-SIMPLE, Savings
                          Incentive Match Plan for Employees of Small Employers
                          (SIMPLE) - for Use With a Designated Financial
                          Institution.The model form you use will depend on whether you
                      decide to select the financial institution that will
                      receive contributions or to let your employees select
                      their financial institutions.
                      If employees are allowed to select
                          the financial institutions that will receive their
                          SIMPLE IRA plan contributions, you will fill out Form
                          5304-SIMPLE.
                        If you require that all contributions
                          under the SIMPLE IRA plan be initially deposited with
                          a designated financial institution, you will fill out
                          Form 5305-SIMPLE.Your choice of the employees covered will be set out in
                      your selected plan document. You can choose to cover all
                      employees without restriction. Alternatively, you can
                      limit the employees covered to those who received at least
                      $5,000 in compensation during any 2 years prior to the
                      current calendar year and who are reasonably expected to
                      receive at least $5,000 during the current calendar year.
                      Step 4: Complete and sign the selected IRS form
                      (or other plan document, if not using a model form). When
                      it is completed and signed, this document becomes the plan’s
                      basic legal document, describing your employees’ rights
                      and benefits. Do not send it to the IRS; instead keep it
                      handy. You will want to check periodically to see that the
                      plan is kept up to date with the law.
                  Operating The PlanA SIMPLE IRA plan is true to its name when it comes to
                      plan operation. Contributions under the plan (employees'
                      and yours) are simply deposited into IRAs.
                      Participants in a SIMPLE IRA Plan
                      Employees who elect to make contributions or to whose
                      accounts you deposit contributions are participants. Your
                      obligation is to provide information to your financial
                      institution on those employees who can participate as
                      described in your plan document. You will want to keep
                      your financial institution aware of any changes in the
                      status of those employees who can participate (for
                      example, new employees).
                      Enrolling Employees in a SIMPLE IRA Plan
                      SIMPLE IRA plans operate on a calendar-year basis. An
                      employer may initially set up a SIMPLE IRA plan as late as
                      October 1.
                      A SIMPLE IRA must be set up for each employee with
                      contributions under the plan . Employees must receive
                      notice of their right to participate, to make salary
                      reduction contributions, and to receive employer
                      contributions. In addition, employees must receive
                      information about the plan, including a copy of the
                      summary description. The required notice also informs
                      employees of the plan’s election periods during which
                      eligible employees can decide to contribute to the plan.
                      For employers that use one of the model forms, page 3 of
                      Form 5304-SIMPLE and page 3 of Form 5305 SIMPLE contain a
                      model notice.
                      Employee Contributions
                      Employees can make salary reduction contributions in
                      any amount to a SIMPLE IRA plan up to the legal limits.
                      The maximum amount that an employee can contribute is
                      $10,500 in 2007. (This amount is subject to cost-of-living
                      adjustments for years after 2007.) Additional employee
                      contributions (known as catch-up contributions) are
                      allowed for employees age 50 or over. The additional
                      contribution limit is $2,500 in 2007. (This amount is
                      subject to cost-of-living adjustments for years after
                      2007.)
                      Each year, employees can change their contribution
                      levels during the plan’s election period. This election
                      period must be at least 60 days long, and employees must
                      receive prior notice about an upcoming election
                      opportunity. SIMPLE IRA plans that have already been
                      established must have an annual election period that
                      extends from November 2 to December 31. A plan can have
                      more election periods each year in addition to this 60-day
                      election period.
                      Employer Contributions
                      You have two choices in determining your contributions
                      to the SIMPLE IRA plan:
                      A 2 percent nonelective employer
                          contribution, where employees eligible to participate
                          receive an employer contribution equal to 2 percent of
                          their compensation (limited to $225,000 in 2007 and
                          subject to cost-of-living adjustments for later
                          years), regardless of whether they make their own
                          contributions.
                        A dollar-for-dollar match up to 3
                          percent of compensation, where only the participating
                          employees who have elected to make contributions will
                          receive an employer contribution, i.e., the matching
                          contribution.Each year, you can choose which one you will use for
                      the next year’s contributions. This choice is part of
                      the information you are required to communicate to
                      employees before the beginning of the 60-day election
                      period.
                      Depositing and Investing Plan Contributions
                      Employee contributions must be deposited in the
                      financial institution serving as trustee for the plan
                      within 30 days after the end of the month in which the
                      amounts would otherwise have been payable to the employee
                      in cash. Your employer contributions must be made by the
                      due date (including extensions) for filing your business’s
                      Federal income tax return for the year.
                      After forwarding the SIMPLE IRA plan contributions to
                      the trustee, the trustee will invest the funds, in many
                      cases at the direction of the participants. SIMPLE IRAs
                      can be invested in stocks, bonds, mutual funds, and
                      similar types of investments. Employee and employer
                      contributions are always 100 percent vested—that is, the
                      money an employee has put aside plus employer
                      contributions and earnings from investments cannot be
                      forfeited. Employees can move their SIMPLE IRA assets from
                      one SIMPLE IRA plan to another in accordance with the
                      procedures of the financial institution.
                      How Does a SIMPLE IRA Plan Work?Example 1:Elizabeth works for the Rockland Quarry
                              Company, a small business with 50 employees.
                              Rockland has decided to establish a SIMPLE IRA
                              plan for all its employees and will match its
                              employees’ contributions dollar-for-dollar up to
                              3 percent of each employee’s salary. Under this
                              option, if a Rockland employee does not contribute
                              to his or her SIMPLE IRA, then that employee does
                              not receive any matching employer contributions
                              from Rockland.
                              Elizabeth has a yearly salary of $50,000 and
                              decides to contribute 5 percent of her salary to
                              her SIMPLE IRA. Elizabeth’s yearly contribution
                              is $2,500 (5 percent of $50,000). The Rockland
                              matching contribution is $1,500 (3 percent of
                              $50,000). Therefore, the total contribution to
                              Elizabeth’s SIMPLE IRA that year is $4,000 (her
                              $2,500 contribution plus the $1,500 contribution
                              from Rockland). The financial institution
                              partnering with Rockland on the SIMPLE IRA has
                              several investment choices and Elizabeth is free
                              to pick and choose which ones suit her best.
                              Example 2:Austin works for the Skidmore Tire Company, a
                              small business with 75 employees. Skidmore has
                              decided to establish a SIMPLE IRA plan for all its
                              employees and will make a 2 percent nonelective
                              contribution for each of its employees. Under this
                              option, even if an eligible Skidmore employee does
                              not contribute to his or her SIMPLE IRA, that
                              employee would still receive an employer
                              nonelective contribution to his or her SIMPLE IRA
                              equal to 2 percent of salary.
                              Austin has a yearly salary of $40,000 and has
                              decided that this year he simply cannot make a
                              contribution to his SIMPLE IRA. Even though Austin
                              does not make a contribution this year, Skidmore
                              must make a nonelective contribution of $800 (2
                              percent of $40,000). The financial institution
                              partnering with Skidmore on the SIMPLE IRA has
                              several investment choices, and Austin has the
                              same investment options as the other plan
                              participants.
                      Communicating With Employees
                      There are two key disclosure documents that keep
                      participants informed about the basics of how the plan
                      operates, inform them of changes in the plan’s structure
                      and operation, and provide them a chance to make decisions
                      and take timely action with respect to their accounts.
                      The summary description is a
                      plain-language explanation of the plan and is
                      comprehensive enough to inform participants of their
                      rights and responsibilities under the plan. It also
                      informs participants about the features of the plan. This
                      document is usually provided by the financial institution
                      and is given to participants at the plan’s inception,
                      when employees first join the plan, and annually
                      thereafter.
                      A summary description must include:
                      The names and addresses of the
                          employer and trustee,
                        A description of the requirements for
                          eligibility to participate,
                        The benefits provided,
                        The time and method of making salary
                          elections, and
                        The procedure for, and effects of,
                          withdrawals and rollovers (including the penalties for
                          early withdrawals).You can satisfy the summary description requirement by
                      providing employees with the most recent copy of IRS Form
                      5304-SIMPLE or 5305-SIMPLE provided by the financial
                      institution (if one of these model forms is used to
                      establish the SIMPLE IRA plan), along with the financial
                      institution's procedures for withdrawals and transfers.
                      Each year, in addition to the information above,
                      employees must receive an annual election notice
                      describing their right to make salary reduction
                      contributions and your decision to make either matching or
                      nonelective contributions for the following year. For
                      employers that use one of the model forms, page 3 of Form
                      5304-SIMPLE and page 3 of Form 5305-SIMPLE contain a Model
                      Notification to Eligible Employees that can be used to
                      provide this information to employees.
                      Every year, during the 60-day election period at the
                      end of the year, employees must be given the opportunity
                      to enter into a salary reduction agreement or to modify an
                      existing agreement.
                      Reporting to the Government
                      SIMPLE IRA plans are not required to file annual
                      financial reports with the government.
                      Distributions from the plan are reported by the
                      financial institution making the distribution to both the
                      IRS and the recipients of the distributions on Form 1099-R,
                      Distributions From Pensions, Annuities, Retirement
                      or Profit-Sharing Plans, IRAs, Insurance Contracts,
                      etc.
                      The financial institution/trustee handling the SIMPLE
                      IRAs provides the IRS and participants with an annual
                      statement containing contribution and fair market value
                      information on Form 5498, Individual Retirement
                      Arrangement Contribution Information.
                      SIMPLE IRA contributions are not included in the “Wages,
                      tips, other compensation” box of Form W-2, Wage and
                      Tax Statement. However, salary reduction contributions
                      must be included in the boxes for Social Security and
                      Medicare wages.
                      When Employees Want to Stop Contributions
                      Employees may elect to terminate their salary reduction
                      contributions to a SIMPLE IRA plan at any time. If they do
                      so, the SIMPLE IRA plan may preclude them from resuming
                      salary reduction contributions until the beginning of the
                      next calendar year. Employers that are making nonelective
                      employer contributions must continue to make them on
                      behalf of these employees.
                      Distributions
                      Participants cannot take loans from their SIMPLE IRAs.
                      SIMPLE IRA contributions and earnings can be withdrawn
                      at any time. When participants take a distribution, they
                      typically can elect to:
                      Take a lump sum distribution of their
                          account, or
                        Roll over their account to an IRA or
                          another employer’s retirement plan.Distributions from a SIMPLE IRA are generally subject
                      to income tax for the year in which they are received. If
                      a participant takes a withdrawal from a SIMPLE IRA before
                      age 591⁄2, generally a 10 percent additional tax applies.
                      If such withdrawal occurs within 2 years of beginning
                      participation, the 10 percent tax is increased to 25
                      percent.
                      SIMPLE IRA contributions and earnings may be rolled
                      over tax-free from one SIMPLE IRA to another. A tax-free
                      rollover may also be made from a SIMPLE IRA to another
                      type of IRA, or to another employer’s qualified plan,
                      after 2 years of beginning participation in the original
                      plan.
                      A specific minimum amount of SIMPLE IRA contributions
                      and earnings is required to be distributed by April 1 of
                      the year following the year the participant reaches age
                      701⁄2. After this initial year, the participant must
                      receive a required minimum distribution for each year by
                      December 31 of that year. (For further details regarding
                      the required minimum distribution amount, see IRS
                      Publication 590, Individual Retirement Arrangements
                      (IRAs).)
                      Monitoring the Trustee
                      As the plan sponsor, you should monitor the trustee to
                      assure that it is doing everything that it is required to
                      do. You should also ensure that the trustee’s fees are
                      reasonable for the services it is providing. If the
                      trustee is not doing its job properly, or if its fees are
                      not reasonable, you should consider replacing the trustee.
                      Terminating The PlanAlthough SIMPLE IRA plans are established with the
                      intention of being ongoing, the time may come when a
                      SIMPLE IRA plan no longer suits the purposes of your
                      business. When that happens, consult with your financial
                      institution to determine if another type of retirement
                      plan might be a better alternative.
                      To terminate a SIMPLE IRA plan, notify the financial
                      institution that you will not make a contribution for the
                      next calendar year and that you want to terminate the
                      contract or agreement.
                      You must also notify your employees that the SIMPLE IRA
                      plan will be discontinued.
                      You do not need to give any notice to the IRS that the
                      SIMPLE IRA plan has been terminated.
                      Mistakes ... And How To Correct ThemEven with the best intentions, mistakes in plan
                      operation can still happen. The U.S. Department of Labor
                      and the IRS have correction programs to help SIMPLE IRA
                      plan sponsors correct plan errors, protect participants,
                      and keep the plan’s tax benefits. These programs are
                      structured to encourage you to correct the errors early.
                      Periodically reviewing the plan makes it easier to spot
                      and correct mistakes in plan operation. See the Resources
                      section for further information.
                      Your SIMPLE IRA Plan — A Quick ReviewChoose a financial institution to set up your
                      SIMPLE IRA plan.
                        Enroll your employees and start salary
                      reduction contributions.
                        Deposit contributions timely.
                        Tell your employees about their rights under
                      the plan .
                        Monitor your trustee.ResourcesThe U.S. Department of Labor’s (DOL’s) Employee
                      Benefits Security Administration and the IRS feature this
                      booklet and additional information on retirement plans on
                      their Web sites:
                      www.dol.gov/ebsa - Click on “Compliance Assistance
                      for Small Employers” and on “Publications/Reports”
                      for information to help you understand and operate your
                      SIMPLE IRA plan. This Web site also has information to
                      help your employees understand the importance of saving
                      for retirement.
                      www.irs.gov/ep - Click on “Plan Sponsor/Employer.”
                      This Web site is filled with plain-language information
                      that will help you maintain your SIMPLE IRA plan properly.
                      All the IRS forms and publications mentioned in this
                      booklet are available here.
                      In addition, the following jointly developed
                      publications are available on the IRS and DOL Web sites
                      and can be ordered through the toll-free numbers listed
                      below:
                      Choosing a Retirement Solution for Your Small
                          Business, Publication 3998, provides an overview of
                      retirement plans available to small businesses.
                        Retirement Plan Correction
                          Programs,
                      Publication 4224, provides a brief description of the IRS,
                      DOL, and Pension Benefit Guaranty Corporation (PBGC)
                      correction programs.
                        Retirement Plan Correction Programs
                          CD-ROM,
                      Publication 4050, provides in-depth information on the
                      IRS, DOL, and PBGC correction programs.
                        Payroll Deduction IRAs for Small
                          Businesses,
                      Publication 4587, describes an arrangement that is an easy
                      way for businesses to give employees an opportunity to
                      save for retirement.
                        SEP Retirement Plans for Small
                          Businesses,
                      Publication 4333, describes another type of retirement
                      plan designed for small businesses.
                        401(k) Plans for Small
                          Businesses, Publication
                      4222, provides detailed information regarding the
                      establishment and operation of a 401(k) plan.Order from:
                      IRS: 1.800.TAX-FORM (1.800.829.3676)
                      DOL: 1.866.444.EBSA (3272)
                      Related materials available from DOL:
                      DOL sponsors two interactive Web sites - the Small
                      Business Advisor, available at www.dol.gov/elaws/pwbaplan.htm,
                      and, along with the American Institute of Certified Public
                      Accounts (AICPA), www.choosingaretirementsolution.org.
                      Related materials available from the IRS:
                      Publication 560, Retirement Plans for Small
                      Business (SEP, SIMPLE, and Qualified Plans).
                        Publication 590, Individual Retirement
                      Arrangements (IRAs).
                        Publication 4405, Have You Had Your Check-Up
                      This Year? for SIMPLE IRAs, SEPs, and Similar Retirement
                      Plans.SIMPLE IRA Plans for Small
                      Businesses is a joint project of the U.S. Department of
                      Labor's Employee Benefits Security Administration (EBSA) and the
                      Internal Revenue
                  Service.This publication and other EBSA
                      materials are available by calling toll-free
                      1.866.444.EBSA (3272).  It is also available from the
                      Internal Revenue Service at 1.800.TAX-FORM
                      (1.800.829.3676).This material will be made available to
                  sensory impaired individuals upon request:
                  Voice phone: 202.693.8664, Text Telephone: 202.501.3911.This booklet constitutes a small entity
                  compliance guide for purposes of the Small Business Regulatory
                  Enforcement Fairness Act of 1996. | How Does a SIMPLE IRA Plan Work?Example 1:Elizabeth works for the Rockland Quarry
                              Company, a small business with 50 employees.
                              Rockland has decided to establish a SIMPLE IRA
                              plan for all its employees and will match its
                              employees’ contributions dollar-for-dollar up to
                              3 percent of each employee’s salary. Under this
                              option, if a Rockland employee does not contribute
                              to his or her SIMPLE IRA, then that employee does
                              not receive any matching employer contributions
                              from Rockland.
                              Elizabeth has a yearly salary of $50,000 and
                              decides to contribute 5 percent of her salary to
                              her SIMPLE IRA. Elizabeth’s yearly contribution
                              is $2,500 (5 percent of $50,000). The Rockland
                              matching contribution is $1,500 (3 percent of
                              $50,000). Therefore, the total contribution to
                              Elizabeth’s SIMPLE IRA that year is $4,000 (her
                              $2,500 contribution plus the $1,500 contribution
                              from Rockland). The financial institution
                              partnering with Rockland on the SIMPLE IRA has
                              several investment choices and Elizabeth is free
                              to pick and choose which ones suit her best.
                              Example 2:Austin works for the Skidmore Tire Company, a
                              small business with 75 employees. Skidmore has
                              decided to establish a SIMPLE IRA plan for all its
                              employees and will make a 2 percent nonelective
                              contribution for each of its employees. Under this
                              option, even if an eligible Skidmore employee does
                              not contribute to his or her SIMPLE IRA, that
                              employee would still receive an employer
                              nonelective contribution to his or her SIMPLE IRA
                              equal to 2 percent of salary.
                              Austin has a yearly salary of $40,000 and has
                              decided that this year he simply cannot make a
                              contribution to his SIMPLE IRA. Even though Austin
                              does not make a contribution this year, Skidmore
                              must make a nonelective contribution of $800 (2
                              percent of $40,000). The financial institution
                              partnering with Skidmore on the SIMPLE IRA has
                              several investment choices, and Austin has the
                              same investment options as the other plan
                              participants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|How Does a SIMPLE IRA Plan Work?Example 1:Elizabeth works for the Rockland Quarry
                              Company, a small business with 50 employees.
                              Rockland has decided to establish a SIMPLE IRA
                              plan for all its employees and will match its
                              employees’ contributions dollar-for-dollar up to
                              3 percent of each employee’s salary. Under this
                              option, if a Rockland employee does not contribute
                              to his or her SIMPLE IRA, then that employee does
                              not receive any matching employer contributions
                              from Rockland.
                              Elizabeth has a yearly salary of $50,000 and
                              decides to contribute 5 percent of her salary to
                              her SIMPLE IRA. Elizabeth’s yearly contribution
                              is $2,500 (5 percent of $50,000). The Rockland
                              matching contribution is $1,500 (3 percent of
                              $50,000). Therefore, the total contribution to
                              Elizabeth’s SIMPLE IRA that year is $4,000 (her
                              $2,500 contribution plus the $1,500 contribution
                              from Rockland). The financial institution
                              partnering with Rockland on the SIMPLE IRA has
                              several investment choices and Elizabeth is free
                              to pick and choose which ones suit her best.
                              Example 2:Austin works for the Skidmore Tire Company, a
                              small business with 75 employees. Skidmore has
                              decided to establish a SIMPLE IRA plan for all its
                              employees and will make a 2 percent nonelective
                              contribution for each of its employees. Under this
                              option, even if an eligible Skidmore employee does
                              not contribute to his or her SIMPLE IRA, that
                              employee would still receive an employer
                              nonelective contribution to his or her SIMPLE IRA
                              equal to 2 percent of salary.
                              Austin has a yearly salary of $40,000 and has
                              decided that this year he simply cannot make a
                              contribution to his SIMPLE IRA. Even though Austin
                              does not make a contribution this year, Skidmore
                              must make a nonelective contribution of $800 (2
                              percent of $40,000). The financial institution
                              partnering with Skidmore on the SIMPLE IRA has
                              several investment choices, and Austin has the
                              same investment options as the other plan
                              participants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               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            www.dol.govFrequently Asked Questions | Freedom of Information Act | Customer Survey |Privacy and Security Statement |
                Disclaimers | E-mail to a Friend U.S. Department of LaborFrances Perkins Building200 Constitution Avenue, NWWashington, DC 20210 
                  Toll-free Hotline: 1.866.444.EBSAText Telephone: 1.877.889.5627Questions/Assistance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Back to Top                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | www.dol.gov                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|Frequently Asked Questions | Freedom of Information Act | Customer Survey |Privacy and Security Statement |
                Disclaimers | E-mail to a Friend U.S. Department of LaborFrances Perkins Building200 Constitution Avenue, NWWashington, DC 20210 
                  Toll-free Hotline: 1.866.444.EBSAText Telephone: 1.877.889.5627Questions/Assistance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | U.S. Department of LaborFrances Perkins Building200 Constitution Avenue, NWWashington, DC 20210                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Toll-free Hotline: 1.866.444.EBSAText Telephone: 1.877.889.5627Questions/Assistance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|U.S. Department of LaborFrances Perkins Building200 Constitution Avenue, NWWashington, DC 20210                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Toll-free Hotline: 1.866.444.EBSAText Telephone: 1.877.889.5627Questions/Assistance