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Follow These Steps to Start Your SIMPLE IRA Plan
Step 1: Establish your Plan

Download and complete the SIMPLE IRA Employer Information Form, and the IRS Form 5305-SIMPLE* to establish your SIMPLE IRA Plan with T. Rowe Price. To complete the forms on screen, click on the fields you want to fill in, type the information, then print. Or, you can print the blank forms and fill them in by hand.

Mail the forms to:
T. Rowe Price
Retail Retirement Services
P.O. Box 17479
Baltimore, MD, 21297-1479

T. Rowe Price will sign and return the IRS Form to you, and your SIMPLE IRA plan will be adopted. Keep the original form, and do not file it with the IRS. After processing the Employer Information Form, we will send your Plan Sponsor Web (PSW) login information to you by mail. You will be able to use PSW to manage your plan online. This secure Web site is designed to support some of your routine tasks, including submitting plan contributions and obtaining plan information.

*Most T. Rowe Price SIMPLE Plans are established using IRS Form 5305-SIMPLE, which requires each participant's SIMPLE IRA contributions to be deposited at T. Rowe Price- the "Designated Financial Institution." Use IRS Form 5304-SIMPLE to establish your Plan only if you want to allow each eligible employee to select the financial institution for his or her SIMPLE IRA.
Step 2: Notify eligible employees of the Plan

Distribute to your eligible employees a copy of the completed and signed IRS Form, Model Notification to Eligible Employees and Model Salary Reduction Agreement (pages 1-3 of the IRS Form). This informs employees of their eligibility to join the plan, what type of employer contributions you'll make (matching or nonelective), and the percent of compensation you'll match.

Your employees will need to establish their own accounts. There are three ways they can get the forms needed to establish their accounts.

  1. They can visit the employee open an account page and download the new account forms.
  2. You can print new account forms and the T. Rowe Price SIMPLE IRA Disclosure Statement and Custodial Agreement and provide copies to your employees.
  3. They can contact one of our client service representatives at 1-800-638-3804 to have SIMPLE IRA new account forms mailed to them.
Step 3: Start participating in the Plan

Give your employees an enrollment period (generally 60 days) to join the SIMPLE IRA Plan and elect their salary deferral amounts.

  • SIMPLE IRA New Account Form
    For help choosing mutual funds for your SIMPLE IRA, obtain a prospectus below, or call 1-800-638-3804 for assistance.
  • SIMPLE IRA Transfer-In Form
    Use this form if you'd like to move an existing SIMPLE IRA to T. Rowe Price.
  • Download a Mutual Fund Prospectus
    Prospectuses for each T. Rowe Price mutual fund are available online for immediate download. Prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. (Note: tax-free mutual funds are not appropriate for IRAs or small-business retirement plans).
  • Beneficiary Change Form
    Use this form to update your beneficiary information.
Copyright 2009, T. Rowe Price Investment Services, Inc., Distributor. All rights reserved.