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Simple ira custodians Form: What You Should Know
SIMPLE IRA Plan: Qualifying Contributions • Contributions to your SIMPLE IRA must generally be made directly to your SIMPLE IRA account SIMPLE-IRA Plan Disclosures: a. For SIMPLE IRA Plan participants who are aged 55 or older (or at least 70½ years of age) and have not adopted a SIMPLE IRA plan at their former employer, they must provide BlackRock with the Social Security number (SSA number) of their account holder or a list of social security numbers of participants and beneficiaries when the plan is established. The account number must be current, and cannot be in a name other than the account holder's. b. The plan fee of 5,000.00 per calendar year is charged to the participant's account. c. On a tax-favored basis, this includes the 5,000.00 SIMPLE-IRA Plan disbursement fee. d. The custodian will retain funds in a SIMPLE IRA for the current calendar year. Inheritance from a deceased SIMPLE IRA plan participant: In the case of an IRA plan with a non-elective death benefit, if the surviving participant has not yet made a contribution to the IRA, you must notify BlackRock by completing Form 5305-IRA; providing your SSN; and reporting the value of any IRA-type distribution that an account holder would have received if the participant had made the contribution within 60 days of the non-elective death benefit or death of the IRA administrator and if he or she had complied with section 2055 of IRC section 7606. BlackRock will retain your IRA earnings (after the plan disbursement fee) until a plan administrator disposes of the account. If you are a beneficiary of an IRA account, we will keep you informed of any upcoming plan changes and when we expect an account to become effective. BlackRock will retain your contributions and after the plan administrator disposes of the account, your name will be removed as a beneficiary. Additional Information The SIMPLE-IRA Plan's plan filing schedule is provided by BlackRock. You can view this schedule here: Form 5335 is a paper-based plan that is electronically prepared by Fidelity Investments, Inc.
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