Does anyone have any experience switching from a 5305-SIMPLE to 5304-SIMPLE IRA?

To start off, I should mention that I am not a small business owner. I'm just a low-level, but veteran employee in a small company.

I'm concerned about our company's retirement plan because the fees our brokerage charges are horrendous. 1.35% not including the fees of the mutual funds. I want the company to change the way the SIMPLE IRA plan we are using is set up so that employees can pick their own plan.

Does anyone have any experience making this change? From what I have gathered, it's pretty easy. You notify employees of the changes being made to the plan before November 2nd, you fill out a form 5304-SIMPLE for every employee once they pick out a plan, then you sign up each employee with the financial institution they picked before January 1st.

I'm trying to convince the owner to make this change by showing how simple the process is, so I don't want to get any information wrong. Am I missing any major details? Does anybody have any other advice on what I can say to try and convince him?



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