Simple IRA 

A SIMPLE IRA is an IRA based retirement plan designed for small employers. Business owners and employees can make before tax contributions. The employer can make a match or profit share contribution that is tax deductible. The sweet spot for SIMPLE IRA Plans are firms that employee 10 to 99 employees.
Open Architecture Retirement Plan
We strongly advocate an Open Architecture Qualified Plan Service Model or simply “Boxes of Responsibility” to clearly identify; duties, fees, fiduciary status, & services. This promotes redundant checks and balances, and flexibility to provide investment options to meet the ever changing needs of The Plan’s participants.

Investment Options that Fit All Needs
Our number one objective is to have low-cost securties that represent every major asset class augmented by Professional Money Managers. The QBOX SIMPLE IRA investment options give every participant the needed tools to create a portfolio that meets their unique investment style and retirement goals.
  • Utilize Professional Money Managers
  • Utilize Professional Money Managers with Core Menu options
  • Utilize the Core Menu options to create your own portfolio
  • Investment election and balance changes may occur at anytime without additional costs, surrender charges or those nasty hidden fees
The Core Menu of investment options are made up of Exchange Traded Funds (ETFs) and a Money Market.
Mid Atlantic’s ModelxChange program gives the particpants unprecedented access to institutional quality money managers.

Fees and Expenses

Like all SIMPLE IRAs, there are fees that are automatically derived and deducted from Plan assets. 
  • Annualized recordkeeping fee 0.35% or 35 bps ($250 per quarter minimum)
  • Annualized per participant fee of $35 per person
  • Annualized QBOX Fiduciary Solutions, LLC fee: 0.10% or 10 bps
  • Annualized Custodial fee: 0.10% or 10 bps 
  • The Core Menu’s average expense ratio can range from 0.10% to 0.30% depending upon the the securities selected; 
  • Professional Money Managers fees range from 0.25% to 1.25% depending upon the manager(s) selected.

The Plan Consultant has a number of ways to be compensated. Most consultants use an annual asset based fee that is payable monthly in arrears. A flat plan or participant fee is also permissible.

Setup Instructions
This process, from start to finish, can be completed as quickly as a few days. Normally the setup process takes about one week. Most documents are e-signature ready. Rollovers from an existing plan may take from 1 to 3 weeks depending upon the existing custodian.

Step 1
Step 2
Step 3
  • Complete Setup Spreadsheet
  • Complete IRS Form 5304-SIMPLE IRA
  • Submit Employer Census & Banking Information

  • Agreements are e-Signature Ready
  • Sign Agreements
  • Distribute the summary plan description to employees

  • Conduct employee orientation meeting
  • Auto-enroll employees
  • Submit Employer Census & Banking Information

Simple IRA Documents & Resources