A new business SIMPLE IRA or Safe Harbor 401(k) must be set up with an effective date between January 1 and October 1 in order to be applied to 2020. Plans established on October 2 or later will be applied to 2021.
If you are considering setting up a business SIMPLE IRA or Safe Harbor 401(k), the time is now to contact our Financial Services department to get your plan established before the October 1st deadline.
At the time of the distribution of this eblast no extensions to these dates have been released in relation to the COVID-19 pandemic or the CARES Act. These dates traditionally have been observed for setting up a new business SIMPLE IRA or Safe Harbor 401(k), it is our expectation that these dates will remain intact however we will notify you if a change is announced.