ARTICLE TAKEAWAYS
For employers with existing SIMPLE IRA Plus plans, changes to the plan may require the plan to be amended, prior to the enrollment period for the following calendar year.
The SIMPLE IRA Plus plan must be amended if any of the following changes:
The plan sponsor is responsible for preparing and distributing disclosure documents to all eligible employees prior to the enrollment period, November 2 through December 31 of the current year. Elections made during the enrollment period become effective on January 1 of the following year.
Please note the following:
The plan sponsor must:
Plan effective and enrollment dates: The changes to the SIMPLE IRA Plus plan will be effective January 1 of the following year. The 60-day enrollment period begins on November 2.
* Capital Group will email the plan sponsor a link to these documents prior to November 2.
** The plan sponsor must complete these before distributing.
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Use of this website is intended for U.S. residents only.
The guidelines and procedures provided in the Account Resource Center may not apply to networked accounts or accounts not directly held by American Funds. The guidelines and procedures provided also apply only to those retirement accounts or Coverdell ESAs invested in American Funds with Capital Bank and Trust Company (CB&T) as custodian. The guidelines and procedures provided in the Account Resource Center do not apply to plans held in our retirement plan solutions — PlanPremier, PlanPremier-TPA or RecordkeeperDirect. Information on the Account Resource Center may change periodically, and previously printed information may not be current. Please refer to capitalgroup.com for the most current information available.
Financial professionals should always contact their back office to determine if there are any restrictions on the use of American Funds products, tools, services, websites and literature.