SIMPLE IRA
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Open
Set up a SIMPLE IRA plan
Employer forms
Use these forms to set up a Simple IRA plan.
Complete the SIMPLE IRA Plan Sponsor Guide.Employee forms
Use these forms to open participant accounts.
Complete the SIMPLE IRA Employee Guide..png/_jcr_content/renditions/cq5dam.web.1280.1280.png?ch_ck=1631577223000)
For eligibility, funding guidelines and other information about opening a SIMPLE IRA, refer to Opening SIMPLE IRAs.
Comparison brochure
Compare retirement plan contribution limits and key features to determine which option is best for your client.
View brochure: Choose a plan that meets the needs of your employees and your organization.Enrollment meetings
Use the SIMPLE IRA enrollment video and follow these additional steps:
- Schedule the meeting, then allow a 60-day enrollment period
- Provide employees with applications and fund prospectuses
- Provide salary deferral forms to be returned to the employer
- Return the completed applications
These materials are also available to use:
View the SIMPLE IRA enrollment video.
For an easy, step-by-step guide to setting up a SIMPLE IRA plan, visit Set up a SIMPLE IRA plan.
Common questions
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Update
Manage employees’ personal information
Update employee’s name
Use this form and submit with supporting documentation. See the form for requirements.
Complete the Name Change Request.Update employee’s address
Update the address via the employee’s online account. Use the options on the right side of the page.
Note: Unless the form is signature guaranteed, there is a 10-calendar-day wait to process a distribution to the new address.
Log in to Client Accounts.
Update employee’s contact information
An employee’s email address and/or phone number can be updated on DST Vision or by contacting us.
Log in to DST VisionLink a bank account to sell shares
Use this form to add or update bank information.
Note: Unless the form is signature guaranteed, there is a 10-calendar-day wait to process a distribution to the new bank account.
Complete the Add/Update Bank Information form.
If your client has experienced a major life event, visit Life events for checklists to assist with account updates they may need to consider.
Manage the plan information
Update plan contact and address
Use this form to update plan level information.
Complete the Online Group Investments (OGI) Submitting Contributions form.Change the bank on file for employer contributions
The employer can update the bank on the Online Group Investments (OGI) website. Alternatively, you can use this form to change the bank account on file.
Complete the Online Group Investments (OGI) Submitting Contributions form.
Manage employees’ beneficiary information
Designate or update IRA beneficiaries
Use this form to add or update IRA beneficiary information. Alternatively, your client may be able to make the change by logging in to their account online.
Complete the IRA Beneficiary Change form.Order the IRA beneficiary designations report
This report lists clients who have either not made a beneficiary designation or updated their beneficiary designation in the past five years.
Order the report.
Learn about the different designations of beneficiaries in IRA beneficiary designations.
Common questions
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Transact
Contributions
Payroll deduction contributions
Plan contacts can provide the SIMPLE IRA Salary Deferral Election form to participants to set up salary deferral contributions or make changes to an existing deferral amount. Forms should be returned to the employer.
Complete the SIMPLE IRA Salary Deferral Election form.Employer contributions
Contributions must be submitted through the Online Group Investments (OGI) website. Once a new plan is established, the plan contact is provided with their user ID and instructions for submitting contributions. For additional assistance using the OGI website, please contact us at (800) 421-4225 ext.39.
Visit the OGI website
Visit SIMPLE IRA contributions for additional details about contribution limits, deadlines and more.
Distributions
Make a one-time distribution
Distributions are subject to taxes and may be subject to an early distribution penalty of 10% if the owner is under 59½. The early withdrawal penalty increases to 25% if the employee has not been participating in the plan for at least two years. Funds can be sent via check or Automated Clearing House (ACH) if the client’s bank account is already linked. Access the client’s account online and click Sell.
Log in to Client Accounts.
Set up automatic distributions
Funds can be sent automatically by setting up an automatic distribution plan. Distributions are subject to taxes and may be subject to an early distribution penalty of 10% if the owner is under 59½. The early withdrawal penalty increases to 25% if the employee has not been participating in the plan for at least two years.
Complete the IRA Automatic Distribution Request.
Make a one-time required minimum distribution (RMD)
An RMD must be taken from employer-sponsored retirement accounts and IRAs once the investor reaches the age of 73. If you already know the RMD amount, you can complete a one-time distribution online. Access the client’s account online and click Sell. Additionally, visit our Required Minimum Distribution (RMD) guide for more information.
Log in to Client Accounts.
Set up automatic RMDs
Set up a recurring, automatic withdrawal using this form. Capital Group will calculate the RMD amount each year and distribute the funds based on the selected schedule and send the proceeds via ACH or by check.
Complete the Required Minimum Distribution (RMD) Request.
Visit SIMPLE IRA distributions for additional details about distributions, RMDs and more.
Exchanges and rebalances
Complete a one-time exchange or rebalance
A one-time exchange or rebalance can be processed by logging in to Client Accounts and selecting the appropriate option: Exchange or Rebalance.
Log in to Client Accounts.Set up an automatic exchange or rebalance plan
Automatic exchange and rebalance plans can be set up or modified online. Access the client’s account online to add or update an automatic exchange or rebalance plan and click Automatic Transactions.
Log in to Client Accounts.
Visit SIMPLE IRA exchanges and rebalances for additional details about one-time and automatic exchanges and rebalances.
Transfers and rollovers
Move an external IRA to a SIMPLE IRA at American Funds
Once the employee has met the two-year participation requirement, use this form to request a transfer or direct rollover from an external IRA or qualified plan to a SIMPLE IRA at American Funds.
Complete the Request for Transfer of Assets or Direct Rollover.
Move from an American Funds SIMPLE IRA to another IRA
Once the investor has met the two-year participation requirement, this form should be used to request a rollover or transfer from an existing American Funds SIMPLE IRA to another financial institution or to another American Funds IRA.
Complete the IRA Rollover/Transfer Request.
Visit IRA incoming transfer and rollover guide or IRA outgoing transfer and rollover guide for additional details about transferring and rolling funds into and out of Capital Group.
Common questions
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Contact us
Have questions or need additional support?
Contact us 8:00 a.m. to 7:00 p.m. ET, Monday through Friday.
For financial professionals only. Not for use with the public.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
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.