SIMPLE IRA
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Open
Set up a SIMPLE IRA plan
Employer forms
Use these forms to set up a Simple IRA plan, including a plan with Roth salary deferral contributions.
Complete the forms in the SIMPLE IRA Plan Sponsor Guide.Employee form
Use this form to enroll eligible employees into the plan.
Complete the form in the SIMPLE IRA Employee Guide..png/_jcr_content/renditions/cq5dam.web.1280.1280.png?ch_ck=1631577223000)
For eligibility, funding guidelines and other information about opening a SIMPLE IRA plan, refer to Opening SIMPLE IRAs.
Comparison brochure
Compare the benefits and key features of SIMPLE IRA and SIMPLE IRA Plus plans to determine which option is best for your client.
Review the Understand your SIMPLE IRA options brochure.
Enrollment meeting
Use the SIMPLE IRA enrollment video and follow these additional steps:
- Schedule the meeting, then allow a 60-day enrollment period
- Provide employees with the SIMPLE IRA Employee Guide and prospectuses
- Provide the SIMPLE IRA Salary Deferral Election forms to be returned to the employer
- Return the completed applications, which are found in the guide, to the plan sponsor. Do not return these to Capital Group.
These materials are also available to use:- Small steps can take you far enrollment guide
- Fund literature
Go to the SIMPLE IRA enrollment video.For an easy, step-by-step guide to setting up a SIMPLE IRA plan, visit Set up a SIMPLE IRA plan.
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Update
Update participant’s personal information
Update participant’s name
Use this form and submit with supporting documentation. See the form for requirements.
Complete the Name Change Request.Update participant’s address
Update the address via the participant’s online account. Use the options on the right side of the page.
Note: There is a 10-calendar-day wait to process a distribution to the new address unless the distribution request is submitted in writing with a signature guarantee.
Log in to Client Accounts.
Update participant’s contact information
A participant’s email address and/or phone number can be updated on DST Vision or by contacting us.
Log in to DST Vision.Update participant’s bank account to sell shares
Use this form.
Note: There is a 10-calendar-day wait to process a distribution to the new bank account unless the distribution request is submitted in writing with a signature guarantee.
Complete the Add/Update Bank Information form.
If your client has experienced a major life event, visit Life events for checklists to assist with account updates they may need to consider.
Update plan information
Update plan contact and address
Use this form to update plan-level information.
Complete the Online Group Investments (OGI) Submitting Contributions form.Change employer bank information
The plan contact can update the bank information on the Online Group Investments (OGI) website. Alternatively, use this form to change the bank account on file.
Complete the Online Group Investments (OGI) Submitting Contributions form.
For more information on how to make updates to the plan, visit Managing SIMPLE IRAs.
Update participant beneficiaries
Designate or update IRA beneficiaries
Use this form to add or update IRA beneficiary information. Alternatively, your client may be able to make the change by logging in to their account on the investor website.
Complete the IRA Beneficiary Change form.Order the IRA beneficiary designations report
This report lists clients who have either not made a beneficiary designation or not updated their beneficiary designation in the past 5 years.
Order the report.
To learn about the different types of beneficiaries, visit IRA beneficiary designations.
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Transact
Contributions
Payroll deduction contributions
Use this form to set up salary deferrals or make changes to an existing deferral amount. Completed forms should be returned to the plan sponsor.
Complete the SIMPLE IRA Salary Deferral Election form.Employer contributions
Contributions must be submitted through the Online Group Investments (OGI) website. Once a new plan is established, the plan contact is provided with their user ID and instructions for submitting contributions. For additional assistance using the OGI website, contact us at (800) 421-4225, ext. 39.
Visit the OGI website.
For additional details about contribution limits, deadlines and more, visit SIMPLE IRA contributions.
Distributions
Take a one-time distribution
Funds can be sent via check or Automated Clearing House (ACH) if the client’s bank account is already linked. Access the client’s account online and click Sell.
Log in to Client Accounts.
Set up automatic distributions
Funds can be sent automatically by setting up an automatic distribution plan.
Complete the IRA Automatic Distribution Request.
Take a one-time required minimum distribution (RMD)
If you already know the RMD amount, you can complete a one-time distribution online. Access the client’s account online and click Sell. Visit the Required Minimum Distribution (RMD) Guide for more information.
Log in to Client Accounts.
Set up automatic RMDs
Use this form to set up automatic RMDs. Capital Group will calculate the RMD amount each year and distribute the funds based on the selected schedule and delivery method.
Complete the Required Minimum Distribution (RMD) Request.
For additional details about distributions, RMDs and more, visit SIMPLE IRA distributions.
Exchanges and rebalances
Complete a one-time exchange or rebalance
A one-time exchange or rebalance can be processed by logging in to Client Accounts and selecting the appropriate option: Exchange or Rebalance.
Log in to Client Accounts.Set up an automatic exchange or rebalance plan
Automatic exchange and rebalance plans can be set up or modified online. Access the client’s account online and click Automatic Transactions.
Log in to Client Accounts.
For additional details about one-time and automatic exchanges and rebalances, visit SIMPLE IRA exchanges and rebalances.
Transfers and rollovers
Move an external IRA or qualified plan to a SIMPLE IRA at Capital Group
Once the participant has met the 2-year participation requirement, use this form to request a transfer or direct rollover from an external IRA or qualified plan to a Capital Bank and Trust Company (CB&T) SIMPLE IRA.
Complete the Request for Transfer of Assets or Direct Rollover.
Move from a Capital Group SIMPLE IRA to another IRA or qualified plan
Once the participant has met the 2-year participation requirement, use this form to request a rollover or transfer from an existing CB&T SIMPLE IRA to another financial institution or to another CB&T IRA.
Complete the IRA Rollover/Transfer Request.
For additional details about transferring and rolling funds into and out of Capital Group, visit the IRA incoming transfer and rollover guide or the IRA outgoing transfer and rollover guide.
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Contact us
Have questions or need additional support?
Contact us 8:00 a.m. to 7:00 p.m. ET, Monday through Friday.
For financial professionals only. Not for use with the public.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Use of this website is intended for U.S. residents only.
The guidelines and procedures provided in the Account Resource Center may not apply to networked accounts or accounts not directly held by American Funds. The guidelines and procedures provided also apply only to those retirement accounts or Coverdell ESAs invested in American Funds with Capital Bank and Trust Company (CB&T) as custodian. The guidelines and procedures provided in the Account Resource Center do not apply to plans held in our retirement plan solutions — PlanPremier, PlanPremier-TPA or RecordkeeperDirect. Information on the Account Resource Center may change periodically, and previously printed information may not be current. Please refer to capitalgroup.com for the most current information available.
Financial professionals should always contact their back office to determine if there are any restrictions on the use of American Funds products, tools, services, websites and literature.