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Simple IRA
Old 10-10-2007, 09:56 PM   #1
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Simple IRA

My employer, for whom I work part-time, is considering starting a simple IRA Program for its employees. My question is should there be a preference of starting this with Vanguard, Fidelity, or T Rowe Price? Currently the people we have talked to are only recommending class A funds with high front end loads. Do any of the above offer Simple IRA's with no-load funds and low expense ratio's. Also it is my understanding that you can put up to $13,000.00 into a simple IRA if you are over 50. I'm trying to gather information so that we can inform all employees and make an educated decision. Thanks for your help
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Old 10-10-2007, 10:08 PM   #2
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Yes, there should be a preference... I know both Vanguard & TRP offer SIMPLE IRAs. I don't know about Fidelity. As far as I know there's no charge to the employer to set one up. TRP charges employees participating in the plan $25 per account (i.e., mutual fund) per year; the fee is waived for accounts with more than $5k. Vanguard charges the same $25, but I am not sure whether the fee gets waived. Both TRP & Vanguard offer good selection of no load, low cost funds. Good luck!
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Old 10-11-2007, 04:58 AM   #3
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Fidelity definitely has a SIMPLE, my wife had one for her side job the past 3-4 years. Same $25 per participant, or the employer can pay a flat total fee for all participants.

The employer has a choice of setting up the plan to work with only one financial institution for all employees, or give each employee their own choice.
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