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NE Nebraska | We just started offering a Simple IRA to employees a couple months ago. We went through a local Ameriprise office and they utilize NBS Benefits for the online portal. So far it's worked great.
There's no cost for us as employer. Employees may have an account management fee. Each employee fills out a form (provided by Ameriprise) for us indicating whether they want to participate and how much they want withheld. Each employee meets with the Ameriprise rep to determine how they want it invested. When initially setting it up Ameriprise/NBS asked our banking info for ACH payment and when our next payroll was and the frequency of payroll and they email a payroll remittance reminder. Our bank recently got bought out and we changed banks and that was an easy process. We currently do up to a 3% match but an employee can have more withheld if they want. We use Quickbooks Desktop payroll and following each payroll we go online, we select the designated payroll period and submit the amount via ACH pairing it up with each respective employee. I found instructions online as to how to set it up in QB Desktop payroll and it was pretty easy to get it set up. We only have 6 participating. I think their funds need to stay in for two years before they can pull it out.
The only issue I ran into was one employee was late in returning his participation form and Ameriprise rep didn't get his account set up online like he did the others. We manually entered the employees name and made the deposit but NBS sent that employee's funds back since they didn't have an account # to pair it up with. But NBS Benefits has been extremely helpful, easy to reach, answer questions and simple online portal to work with. | |
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simple IRA
