A SIMPLE IRA is a great way for small employers to contribute towards their employees’ and their own retirement savings. Many small employers choose to offer a SIMPLE IRA because it is easy to set up and operate.
To help employers stay in compliance with SIMPLE IRA rules, the IRS recently released an updated SIMPLE IRA plan checklist. Employers should go through the SIMPLE IRA Plan Checklist on a yearly basis.
Follow the link to IRS website for more information about SIMPLE IRA Plans.