Annual Vanguard SIMPLE IRA Fees
Annual Vanguard SIMPLE IRA Fees
I set up a SIMPLE IRA at Vanguard for my small office (5 employees plus myself) with 3% match, there was not a setup fee, and there is a $25 annual fee. I just called to ask if the business can pay this annual fee out of our checking account for all of the employees and I was told this was not possible. The $25 annual fee has to come out of each employee's SIMPLE IRA account. Does this seem right? It's only $25, but for a few of my employees that $25 is a large percentage of their tax sheltered account for the year that is lost.
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Re: Annual Vanguard SIMPLE IRA Fees
We have Fido SIMPLE IRA and we have two options: Pay the max $400 by employer or they deduct the $25 per participant fee from Employee accounts.TylerS7 wrote: ↑Wed Dec 13, 2017 9:47 am I set up a SIMPLE IRA at Vanguard for my small office (5 employees plus myself) with 3% match, there was not a setup fee, and there is a $25 annual fee. I just called to ask if the business can pay this annual fee out of our checking account for all of the employees and I was told this was not possible. The $25 annual fee has to come out of each employee's SIMPLE IRA account. Does this seem right? It's only $25, but for a few of my employees that $25 is a large percentage of their tax sheltered account for the year that is lost.
Since we have lot less enrolled employees than the (400/25 =) 16, we let Fido deduct it from employee accounts
Re: Annual Vanguard SIMPLE IRA Fees
Thanks for the info, I find that interesting Vanguard claims it is not even an option with how they have their system set up. I cannot be the first person to call and ask that question.
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Re: Annual Vanguard SIMPLE IRA Fees
Vanguard SIMPLE IRA annual fee is actually $25 for each fund each participant invests in.
This fee is waived if you are a Voyager, Voyager Select, Flagship, or Flagship Select client.
This fee is waived if you are a Voyager, Voyager Select, Flagship, or Flagship Select client.