---
title: What are the SIMPLE IRA summary description requirements?
description: Each year the SIMPLE IRA plan is in effect, the trustee or custodian for the SIMPLE IRA of each eligible employee must provide the employer the summary description for the SIMPLE IRA.
---

[Skip to content](https://help.superiorira.com/info/simple-ira-summary-description-requirements#main-content)

[![Superior Logo\_Navy Background-1](https://help.superiorira.com/hs-fs/hubfs/Superior%20Logo_Navy%20Background-1.png?width=250&height=66&name=Superior%20Logo_Navy%20Background-1.png)](https://superiorira.com/)

- [Help Center](https://help.superiorira.com/info)

Open main navigation

Close main navigation

- [Help Center](https://help.superiorira.com/info)
- [Return to Superior platform](https://app.superiorira.com/)

[Return to Superior platform](https://app.superiorira.com/)

 Hello. How can we help you?

- There are no suggestions because the search field is empty.

1. [Help Center](https://help.superiorira.com/info?hsLang=en)
2. [Frequently Asked Questions](https://help.superiorira.com/info/frequently-asked-questions?hsLang=en)

# What are the SIMPLE IRA summary description requirements?

## Review the summary description requirements that trustees/custodians of SIMPLE IRAs must satisfy each year.

Each year the SIMPLE IRA plan is in effect, the trustee or custodian for the SIMPLE IRA of each eligible employee must provide the employer the summary description for the SIMPLE IRA plan as described in section **[408(l)(2)(B)](https://www.law.cornell.edu/uscode/text/26/408#:~:text=The%20amount%20of%20the%20designated%20nondeductible%20contributions%20made%20on%20behalf)**.

This requirement may be satisfied by providing the employer a current copy of Form 5304-SIMPLE or Form 5305-SIMPLE (including instructions) and the procedures for withdrawals from SIMPLE IRAs established at your financial organization (including your organization’s name and address). The summary description must be received by the employer in sufficient time to comply with the Employee Notification requirements, which are generally due before the employee’s 60-day election period.  

If your organization ***is not*** the Designated Financial Institution of the employer, use these documents:

- **[IRS Form 5304-SIMPLE](https://www.irs.gov/pub/irs-pdf/f5304sim.pdf)**
- In Article VI, provide your organization’s instructions for requesting a withdrawal or include an attachment to the Form 5304-SIMPLE with these instructions

If your organization ***is*** the Designated Financial Institution of the employer, use these documents:

- **[IRS Form 5305-SIMPLE](https://www.irs.gov/pub/irs-pdf/f5305sim.pdf)**
- In Article VI, provide your organization’s instructions for requesting a withdrawal or include an attachment to the Form 5305-SIMPLE with these instructions

- [Blank Forms/Notifications](https://help.superiorira.com/info/blank-forms-notifications?hsLang=en#main-content)

    - [Blank Forms](https://help.superiorira.com/info/blank-forms-notifications?hsLang=en#blank-forms)
    - [Sample Notifications](https://help.superiorira.com/info/blank-forms-notifications?hsLang=en#sample-notifications)
- [Implementations & Mergers](https://help.superiorira.com/info/implementations-mergers?hsLang=en#main-content)

    - [Data Gathering](https://help.superiorira.com/info/implementations-mergers?hsLang=en#data-gathering)
    - [Implementations](https://help.superiorira.com/info/implementations-mergers?hsLang=en#implementations)
    - [Mergers](https://help.superiorira.com/info/implementations-mergers?hsLang=en#mergers)
- [IRS News](https://help.superiorira.com/info/irs-news?hsLang=en#main-content)

    - [Cost-of-Living Adjustments (COLAs)](https://help.superiorira.com/info/irs-news?hsLang=en#cost-of-living-adjustments-colas)
    - [IRS Pronouncements](https://help.superiorira.com/info/irs-news?hsLang=en#irs-pronouncements)
- [Superior IRA & HSA Client Calendar](https://help.superiorira.com/info/superior-ira-hsa-client-calendar?hsLang=en)
- [Training](https://help.superiorira.com/info/training?hsLang=en#main-content)

    - [Compliance](https://help.superiorira.com/info/training?hsLang=en#compliance)
    - [Superior IRA & HSA Platform](https://help.superiorira.com/info/training?hsLang=en#superior-ira-hsa-platform)
    - [Tax Reporting](https://help.superiorira.com/info/training?hsLang=en#tax-reporting)
- [Frequently Asked Questions](https://help.superiorira.com/info/frequently-asked-questions?hsLang=en)
- [Public](https://help.superiorira.com/info/public?hsLang=en)

Exceptional service. Today’s technology. Superior results.

Superior IRA & HSA® and the Superior IRA & HSA logo are registered trademarks of Superior IRA & HSA, LLC. 

© 2026 Superior IRA & HSA, LLC. All Rights Reserved.