Welcome to your Simple IRA Plan website dedicated to helping you reach your retirement goals. While here, you will find a wealth of education on retirement investing and help with understanding plan features.
Schwab Target Date Index Funds
- Primarily passive investments
- Low cost
- Composed of index-based ETFs
- No investment minimums
- No transaction fees
| Retirement Date | Symbol | Description | Net Expense Ratio (%) |
|---|---|---|---|
| 2013-2017 | SWYBX | Schwab Target 2015 Index Fund | 0.08 |
| 2018-2022 | SWYLX | Schwab Target 2020 Index Fund | 0.08 |
| 2023-2027 | SWYDX | Schwab Target 2025 Index Fund | 0.08 |
| 2028-2032 | SWYEX | Schwab Target 2030 Index Fund | 0.08 |
| 2033-2037 | SWYFX | Schwab Target 2035 Index Fund | 0.08 |
| 2038-2042 | SWYGX | Schwab Target 2040 Index Fund | 0.08 |
| 2043-2047 | SWYHX | Schwab Target 2045 Index Fund | 0.08 |
| 2048-2052 | SWYMX | Schwab Target 2050 Index Fund | 0.08 |
| 2053-2057 | SWYJX | Schwab Target 2055 Index Fund | 0.08 |
| 2058 or later | SWYNX | Schwab Target 2060 Index Fund | 0.08 |
Procedures
SIMPLE IRA assets are fully vested and may be withdrawn at any time, subject to taxes and penalties as explained below. Charles Schwab is responsible for making distributions to you upon your request, not your employer. You may contact Charles Schwab directly at 1-800-435-4000 or email amanda@FPLCapital.com to request a distribution. Please allow time for processing.
Federal Income Tax
Distributions from SIMPLE IRAs are taxed as ordinary income in the year in which you receive them.
Early Distribution Penalty
A 25% early withdrawal penalty applies to SIMPLE IRA distributions taken within 2 years of your initial participation in the plan, unless you are over the age of 59 1/2 or qualify for an exemption. If you are under the age of 59 1/2, have satisfied the 2 year requirement and receive a distribution that does not qualify for an exemption, you will be subject to a 10% early distribution penalty.
SIMPLE IRA distribution rules are complex and subject to change. For more information, please visit https://www.irs.gov/retirement-plans/simple-ira-plan-faqs-distributions.
Who should I contact with questions about my plan?
Please contact Amanda Harrell at 504-229-5233 or via email at amanda@FPLCapital.com
Who is eligible to participate in your employer’s SIMPLE IRA plan?
All employees are eligible.
Where is your SIMPLE IRA held?
Your account will be held at Charles Schwab. You can access your account by visiting www.schwab.com.
What is the maximum you can contribute?
You can contribute up to $12,500 for 2018. If you are over the age of 50, you can contribute an additional $3,000 for 2018.
When will your contributions be deposited into your account?
Your contributions will be deposited within 30 days of being withheld from your paycheck.
Can you change your deferral (contribution) amount/percentage?
Yes. However, you are only allowed to change your deferral amount/percentage once a year. This can be done December 1-31 of each year.
What is your employer’s match?
Your employer will match your contributions dollar for dollar up to 3% of your compensation.
When will your employer’s contributions/match be deposited into your account?
Your employer’s contribution will be deposited into your account once a year. This will be done at the end of each year.