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Advantages of Converting from a SIMPLE IRA to a Pooled Employer-Sponsored Retirement Plan

August 10, 2022 @ 1:00 pm - 2:00 pm

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Join SBAM, Transamerica and Graystone Consulting – Farmington Hills, a business of Morgan Stanley – as we discuss the advantages of a Pooled Employer Retirement Plan over a SIMPLE IRA and the steps involved to make the switch.

There are many benefits to converting from a SIMPLE IRA to a Pooled Employer Retirement Plan including higher contribution amounts, tax advantages, potential cost savings and flexibility in plan features.

If your company has outgrown its SIMPLE IRA plan, switching to a 401(k) plan is easy.  However, you’ll want to begin thinking about the process now.

SIMPLE IRAs run on the calendar year, must be the only retirement plan in operation that year and cannot be terminated mid-year.  When transitioning from a SIMPLE IRA to a 401(k) plan such as the SBAM PEP, you must notify your employees within a reasonable time before November 2 that you’ll discontinue the SIMPLE IRA plan effective the following January and replace it with a 401(k).

Register here!


August 10, 2022
1:00 pm - 2:00 pm