A SIMPLE IRA is an easy to administer plan option for self-employed individuals or businesses with up to 100 employees.
Call 1-800-831-1344 to get started.
Download the SIMPLE IRA Employee Guidebook (PDF)
Download the SIMPLE IRA Employer Plan (PDF)
| Eligible Employer: | Businesses with up 100 employees and self-employed individuals. Generally, employers may not have any other retirement plans to which contributions are made or benefits accrued. |
| Employer Deductible Limit: | Employer chooses either a dollar-for-dollar match of salary deferrals, up to 3%* of participant's compensation, or, a non-elective contribution of 2% of each participant's compensation**. |
| Maximum Contributions for Employees: | Employer contribution plus salary deferral limit. |
| Salary Deferrals Limit: | Yes, may contribute the lesser of: 100% of compensation or $16,500 ($20,000 if age 50 or older; $21,750 if ages 60-63) in 2025 and $17,000 ($21,000 if age 50 or older; $22,250 if ages 60-63) in 2026. |
| Employer Fees: | No annual employer fees or set-up costs |
| Annual Participant Account Service Fee: | $20 fee may apply1 |
| Plan Set-up Deadline | Initial plan setup deadline is October 1st; an exception applies for newly established employers. |
| Reporting Requirements: | No plan tax filing is required, IRA based plan |
| Investment Options: | Choose from more than 150 no-load mutual funds |
Take care of employees—and your own financial future.
Step 1: Complete the Information and Services Agreement and adopt a SIMPLE IRA by signing one of the IRS model SIMPLE IRA plan documents:
Download and complete the forms, then mail them to T. Rowe Price.
Please review the T. Rowe Price SIMPLE IRA Disclosure Statement and Custodial Agreement (PDF) before completing the Information and Services Agreement (PDF).
The Information and Services Agreement (PDF) allows you to establish a SIMPLE IRA Program at T. Rowe Price and establish online account access using T. Rowe Price's Plan Sponsor Web site (PSW).
Complete the IRS Form 5305-SIMPLE (PDF) and send it to T. Rowe Price. We will sign and return the form to you and your plan will be adopted.
Use IRS Form 5304-SIMPLE (PDF) if you want to allow employees to select the financial institution for their SIMPLE IRA. Send a copy of the IRS-Form 5304-SIMPLE, along with the Information and Services Agreement (PDF), to T. Rowe Price.
Step 2: Distribute Participant Account forms to your employees
Once T. Rowe Price has signed and returned your IRS Form 5305 SIMPLE (or once you complete the IRS Form 5304-SIMPLE), print copies of the Model Notification to Eligible Employees - (pages 3 to 5 of the IRS Form) and distribute to employees along with the Participant Account Form (PDF) and the T. Rowe Price SIMPLE IRA Disclosure Statement and Custodial Agreement (PDF).
Employees can download these forms, or contact a T. Rowe Price client representative. However, please note that you are responsible for the distribution of the Model Notification to Eligible Employees.
View SIMPLE IRA Information and Forms for Employees
Step 3: Get Your Plan Sponsor website operator ID
A unique Operator ID will be mailed to you once your application has been processed. It should arrive within 7 to 10 days.
Step 4: Activate and set up your Plan Sponsor website
Once you've received your Operator ID and temporary password, you can access Plan Sponsor Web, which allows you to administer your SIMPLE IRA online.
Activate and Set Up
Has your employer already established a SIMPLE-IRA Program at T. Rowe Price? If so, don't miss out on valuable savings for your future.
Only use these forms if your employer has already established a SIMPLE-IRA Program at T. Rowe Price.
Step 1: Download and complete the Participant Account form
Please review the T. Rowe Price SIMPLE IRA Disclosure Statement and Custodial Agreement (PDF) before completing the Participant Account form. Once you've completed the Participant Account Form (PDF), give it to your employer to set up your account. If you need help selecting mutual funds, contact T. Rowe Price.
Step 2 (optional): Transfer your existing SIMPLE IRA to T. Rowe Price
Consolidating all your SIMPLE IRA assets in one place can help simplify your financial life. Once you've downloaded and completed this form, send it to T. Rowe Price.
Participant Transfer-In Form (PDF)
All investments are subject to market risk, including the possible loss of principal. Mutual funds are subject to management fees and expenses.
A retirement account should be considered a long-term investment. Retirement accounts generally have expenses and account fees, which may impact the value of the account. Early withdrawals are subject to taxes and possible penalties. Maximum contributions are subject to eligibility requirements. For more detailed information about taxes, consult a tax or legal professional.
This material has been prepared for general and educational purposes only. This material does not provide recommendations concerning investments, investment strategies, or account types. It is not individualized to the needs of any specific investor and it is not intended to suggest that any particular investment action is appropriate for you, nor is it intended to serve as a primary basis for investment decision-making. T. Rowe Price, its affiliates, and its associates do not provide legal or tax advice.
*May be as low as 1% in no more than two years out of the five consecutive calendar years
**Maximum amount of compensation that can be used in determining contribution is $350,000 for tax year 2025 and $360,000 for tax year 2026. This amount is increased periodically for inflation.
1An annual $20 account service fee is charged for each mutual fund account with a balance below $10,000. The $20 account service fee will be waived for the following circumstances: Subscribe to electronic delivery of statements and confirmations; maintain an individual combined balance of $50,000 or more for all T. Rowe Price accounts (including mutual funds, Brokerage, and Small Business Retirement Plans); or qualify for the T. Rowe Price Summit Program. Participants can subscribe to paperless delivery via T. Rowe Price Personal Investing once their account is established. If the Account is closed during the year, a $20 closeout fee will be deducted automatically from the proceeds of the total redemption. However, the closeout fee is waived when an account service fee was previously assessed to the participant account for that year or when the proceeds are being used for a rollover, transfer or conversion to a T. Rowe Price retirement plan account or T. Rowe Price IRA.
2Source: Lipper Inc. 135 of 150 of our Investor Class funds (excludes funds not available for direct purchase) more than 6 months old had expense ratios below their Lipper averages based on fiscal year-end data available as of 9/30/2023.
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