How to fix a SIMPLE mistake

Description

Abstract: Savings Incentive Match Plans for Employees (SIMPLE) IRAs offer small employers and their employees a simplified way to save for retirement. Generally, these plans allow employers and employees to contribute to traditional IRAs set up for employees. However, most plan sponsors will tell you that operating SIMPLE IRAs isn’t always simple. With the ever-changing retirement plan laws, mistakes can occur. This article describes the common mistakes and the steps plans can take to correct them.