How do I open a Simple IRA?

Thank you for your interest in starting a Simple IRA plan. The process to open a Simple IRA Plan would be as follows. You can find all of the required documents at the bottom of this FAQ.

Create the agreement. The corporation will need to complete Three forms:

A Simple IRA Adoption Agreement to start the agreement

An Entity application and corresponding entity agreement to open the corporation's cash account. This will be used to fund all Simple IRA Plans:

Corporate Account Agreement (For Corporations only)

Limited Liability Company Agreement (For LLCs only)

Partnership Agreement (For Partnerships only)

Each employee will also need to complete two forms:

A Simple IRA participation agreement - Download

A Simple IRA Account opening form - Download

Once these forms are submitted each employees’ account will be opened. Each Employee will also need to open a Wealthsimple account.

Funding Simple IRAs

You can link your bank account directly to your corporate cash account. You will then need to complete a transmittal form that specifies the amounts to be deposited into each employee’s account from your cash account each pay period. The transmittal form specifies how much is the employer’s contribution and how much is the employee’s deferral. Once this is set you would only need to submit a new transmittal form to make changes to the pay schedule.

We will also require U.S. government issued ID for each member of the plan You can upload ID to your account using this secure link.

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