0821 Publ 4284 (PDF)

Official source: IRS Forms, Instructions & Publications (https://www.irs.gov/pub/irs-pdf/p4284.pdf), retrieved 2026-10-03. U.S. Government work (17 U.S.C. § 105).

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Every year it’s important that you review the requirements for operating your Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA plan. Use this checklist to help you keep your plan in compliance with many of the important rules. Check the box if you can answer “yes” to the question. For additional information (including examples) on how to find, fix and avoid each mistake, click on “More .”

Has your SIMPLE IRA plan been amended for current law? Laws related to retirement plans change frequently. You must update the plan language and its operation to the current law. More

Does your business only sponsor this SIMPLE IRA plan? A business with a SIMPLE IRA plan generally can’t sponsor any other retirement plan, such as a 401(k) plan. More

Did you determine each participant’s compensation using the SIMPLE IRA plan document definition? Generally, compensation means the sum of wages, tips and other compensation subject to federal income tax withholding and elective salary deferral contributions the participant made to the SIMPLE IRA plan. More

Are employee elective deferrals being deposited timely? You must deposit each employee’s deferrals in their SIMPLE IRA as soon as possible, but no later than 30 days following the month in which the employee would have otherwise received the money. More

Have all SIMPLE IRA plan notification requirements been satisfied? Requirements include providing employees with the opportunity to make a salary deferral election, informing employees of the ability to select a financial institution for their SIMPLE IRAs, providing employees with a summary description and notifying employees of the employer’s decision whether to make matching or fixed contributions. More

If you didn’t check all boxes, you may have a mistake in the operation of your plan. This list is only a guide to a more compliant plan, so checking all boxes may not mean your plan is 100% compliant. This list doesn’t contain all plan requirements and shouldn’t be used as a substitute for a complete plan review. Learn how to correct mistakes without penalty and without notifying the IRS at www.irs.gov/fixmyplan. Don’t send this checklist to the IRS.

See www.irs.gov/retirement and click “Types of Retirement Plans” for Fix-It Guides and other resources for SIMPLE IRA and other plan types.

Contact your tax advisor www.irs.gov/retirement Call the IRS at 877-829-5500

Publication 4284 (Rev. 8-2021) Catalog Number 37994X Department of the Treasury Internal Revenue Service www.irs.gov