Sunset Academy is very proud to provide our employees with a SIMPLE IRA Retirement Plan through Fidelity. Each year, employee can contribute to the plan up to a limit set by IRS through payroll deduction. The school is providing 1 to1 match of each employee’s contribution up to 3% of their total pay.
Both employee’s contributions and company’s match are tax deferred.
Here are the steps for you to establish your SIMPLE IRA
1. Employee Notifications
Each year, the school is required to provide to eligible employees with the Sample Summary Description and Participant Notice on an annual basis (by November 1). Fidelity SIMPLE IRA Plans receive a Summary Description and Participant Notice when the plan is established and annually thereafter in September.
The notification will be given to each all eligible employee via email each year at least 60 days ahead for employees to make or modify any salary reductions elections each year.
2. Please print and review the SIMPLE IRA Employee Brochure
3. Read, complete, and sign a SIMPLE IRA APPLICATION to establish your SIMPLE IRA Account
4. Mail the completed, original forms (not copies) from Step 3 to:
Fidelity Investments
PO Box 770001
Cincinnati, OH 45277-0038
(As of March 2021, when the plan is first established, employees can complete step 3 and 4 completely online)
5. Complete a Salary Reduction Agreement (PDF) and forward the completed agreement to the director.
Please remember to elect a percentage of your salary not a fixed amount for the contribution.