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Employers: Establish a SIMPLE IRA Plan

About SIMPLE IRA Plans
A SIMPLE IRA is a low-cost, easy-to-manage plan for self-employed individuals or for businesses with up to 100 employees.


Step 1a: Download and Complete Forms Then Mail to T. Rowe Price
   
Complete the IRS Form 5305-SIMPLE and send it to T. Rowe Price. We will sign and return the form to you and your plan will be adopted.  

The Information and Services Agreement allows you to establish a SIMPLE IRA Program at T. Rowe Price and establish online account access using T. Rowe Price's Plan Sponsor Web site (PSW).
 


Step 1b: (optional) Download, Complete, and Mail IRS Form 5304-SIMPLE instead of IRS Form 5305-SIMPLE to T. Rowe Price.
   
Use this form instead of the IRS Form 5305-SIMPLE if you want to allow employees to select the financial institution for their SIMPLE IRA. Note that most SIMPLE Plans are not established in this way. Send a copy of the IRS-Form 5304-SIMPLE, along with the Information and Services Agreement, to T. Rowe Price.  


Step 1c: (optional) Download and Complete Participant Transfer-In Form then Email to T. Rowe Price
   
This form is completed to move an existing SIMPLE IRA to T. Rowe Price. A separate form is required for each participant.  
Step 2: Distribute Participant Account Forms to Your Employees
   
Once T. Rowe Price has signed and returned your IRS Form 5305 SIMPLE (or once you complete the IRS Form 5304-SIMPLE), print copies of the Model Notification to Eligible Employees - (pages 3 to 5 of the IRS Form) and distribute to employees along with the Participant Account Form and the T. Rowe Price SIMPLE IRA Disclosure and Custodial Agreement.  
Employees can also visit the Open an SIMPLE IRA Account Page and download these forms, or contact a T. Rowe Price client representative. However, please note that you are responsible for the distribution of the Model Notification to Eligible Employees.    


Step 3: Get Your Plan Sponsor Web Site Operator ID
   
A unique Operator ID will be mailed to you once your application has been processed. It should arrive within 7 to 10 days.    


Step 4: Activate and Set Up Your Plan Sponsor Web Site
   
Once you've received your Operator ID and temporary password, you can access Plan Sponsor Web, which allows you to administer your SIMPLE IRA online.  
Copyright 2014, T. Rowe Price Investment Services, Inc., Distributor. All rights reserved.