July 13, 2015…(read more)

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As the workforce continues to change and employees move from job to job more frequently, it is becoming increasingly important to streamline retirement savings options. One such option is the SIMPLE IRA, or Savings Incentive Match Plan for Employees IRA, which is a type of retirement plan specifically designed for small businesses.

However, when employees switch jobs or leave their employer, they may choose to rollover their SIMPLE IRA into a different retirement savings plan. While this is a common practice, the process of doing so can be cumbersome and confusing, and may ultimately discourage employees from taking advantage of this important savings opportunity.

To address this issue, it is time to streamline the SIMPLE IRA rollover process. This could be achieved through a number of methods, including:

1. Standardizing the process: The IRS could establish clear guidelines and procedures for SIMPLE IRA rollovers, making it easier for employees to navigate the process and minimizing confusion.

2. Providing educational resources: Employers could offer educational resources to their employees to help them understand the benefits of rollovers and how to initiate the process.

3. Simplifying paperwork: The paperwork required for a SIMPLE IRA rollover can be extensive, leading many employees to abandon the process altogether. Simplifying the paperwork could encourage more people to take advantage of this savings opportunity.

4. Allowing electronic transfers: Today’s workforce is increasingly digital and mobile, and the ability to initiate a rollover electronically could make the process more convenient and accessible.

By streamlining the SIMPLE IRA rollover process, we can encourage more employees to take an active role in their retirement savings and ensure that they are able to make the most of this valuable benefit. This, in turn, will help build a stronger and more financially stable workforce for the future.