Opening a SIMPLE IRA

Opening a Simple IRA requires more forms / information than a Traditional IRA. Schwab cannot open a Simple Plan account for a participant (client) without the Plan being established at Schwab with a Plan master.

While an IRA Application opens an account, the Adoption Agreement is required to establish the plan. The Employer's agreement is a contract between the employer (client) and Schwab.

To get started on the Adoption Agreement and Employer Agreement, please upload all of the required information to Box.com

To get started on the Participant Account(s), please upload all of the required information to Box.com

Contributing to the plan:

To contribute to the employees' accounts, the plan admin/payroll will need to submit the SIMPLE IRA Contribution Transmittal Form each time they contribute. If they mail a check, they may include the form with the check. If they'd like to set up a bank link, they'll also need to complete the MoneyLink form to do so first and then they can use that moving forward to submit contributions. They will still need to submit the Transmittal form to Schwab to have the funds moved from the Simple IRA master account to each employees' accounts if they ACH the cash into the master account.