The IRS issued rules for small employers that want to adopt the new SIMPLE savings plan for employees, an easy-to-administer plan that Congress sanctioned in August. Starting Jan. 1, employers with 100 or fewer workers can offer the SIMPLE plan but must give employees 60 days to look it over before the first contributions are made. The 60-day period can begin Nov. 2. Employers can choose a date after Nov. 2, but they would have to provide a continuous 60-day window for employees. The window starts only after all eligible employees are notified that they can join the plan.
The IRS said it will address plans established after Jan. 1 in another announcement.