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2025 SIMPLE IRA Plus sample disclosure documents

New for 2025

Roth salary deferral contributions

Roth employee salary deferral contributions are a new optional plan feature. We recommend consulting your financial professional to determine whether this option is right for your plan. If you offer Roth salary deferral contributions for the 2025 plan year, you must amend your plan and notify employees by November 2, 2024. Refer to Amend a SIMPLE IRA Plus plan for more information.

Note: Employees will still have the ability to make pretax salary deferral contributions.

Increased catch-up limits apply to participants age 60-63

Effective January 1, 2025, the SECURE 2.0 Act allows increased catch-up contributions for participants age 60-63. These increased catch-up contribution limits and additional details are included in Section 4 of the Notification to Eligible Employees.

As a plan sponsor, your responsibilities include:

  1. Preparing and distributing the disclosure documents to your eligible employees prior to November 2, 2024.

    Note: “Eligible employees” include all employees qualified to participate in the plan, not just those who currently make salary deferral contributions to the plan. 

  2. Conducting the 2025 plan year enrollment from November 2, 2024, through December 31, 2024.

 

Here are your 2025 sample disclosure documents (PDF):

The 2025 sample disclosure documents are also emailed to plan sponsors prior to the beginning of the enrollment period.

  • Fee and Fund Disclosure. This document contains information specific to your plan, including fees, available investment options and default investment information. If the information has not changed, you may use the most recent prefilled version provided by Capital Bank and Trust Company. Otherwise, complete the information within the sample before distributing it. To make any adjustments to your plan, complete and submit the SIMPLE IRA Plus Change of Funds or Share Class form and/or SIMPLE IRA Plus Financial Professional or Fee Change Request.
     
  • Notification to Eligible Employees.* This document specifies the contribution type(s) allowed by the plan (pretax only or pretax and Roth) and announces the type of contribution you will make for the next plan year. Complete this document before distributing it to eligible employees.

Note: Plans with more than 25 employees (who received compensation of at least $5,000 in the preceding year) that will make 4% matching or 3% nonelective employer contributions should complete the Notification to Eligible Employees (4% matching or 3% nonelective employer contributions).*

  • Summary Plan Description. This document covers the plan's provisions, including eligibility requirements. Complete this document before distributing it to eligible employees.
    • Plan Information: Provide the name of the company, address, employer identification number and employer contact.
    • Eligibility Requirements: Complete if applicable. Refer to Section 3 of your plan's Adoption Agreement if necessary.

Here are some additional documents you may need:

  • Automatic Contribution Arrangement Notice. If your plan includes an Automatic Contribution Arrangement, eligible employees must also receive a notice describing the arrangement prior to each enrollment period.

* Higher deferral limits (110% of the limits that would otherwise apply) apply to smaller employers (those with no more than 25 employees who earned at least $5,000 in the prior year). Larger employers may voluntarily allow higher deferral limits but only if an increased employer contribution is made.

Other resources

Get prepared

Make sure your plan contact information is up-to-date.

Related resources

SIMPLE IRAs
Learn about eligibility, contributions, pricing, taxes and testing, administration and investment options.

SIMPLE IRA Plus
Find forms and resources to open, update or transact on a SIMPLE IRA Plus plan.

Amend a SIMPLE IRA Plus plan
Learn how to amend an existing plan due to changes to the company plan.

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