Establish a New SIMPLE Plan for 2016 before the October 1st Deadline

Employers who do not already sponsor a SIMPLE Plan may start one for 2016 no later than three months before the end of the calendar year*.

October 1^st is the last day to start a SIMPLE Plan and begin making deferrals for 2016.

If you have a client interested in establishing a SIMPLE Plan for 2016 now is a good time to start the preparations**.

Once the financial institution is chosen there are three steps to set up a SIMPLE Plan.

Contact your JMF Pension Department today to assist!

*   For a new employer that comes into existence after October 1^st a SIMPLE Plan can be established as soon as administratively feasible after the business comes into existence. 

**The midyear establishment is not available for employers who previously maintained a SIMPLE Plan. Those employers can set up a plan effective January 1^st.