Your employer will give you the proper forms to fill out and materials to explain the details of the SIMPLE IRA plan the company has chosen. Just fill out the forms and return them to your employer.
You do. Your employer may direct SIMPLE contributions to your T. Rowe Price SIMPLE IRA account, but these contributions become your property when they are deposited in your SIMPLE IRA. The contributions are immediately 100% vested. The money must stay in a SIMPLE IRA account for two years from your initial SIMPLE IRA participation date or a 25% penalty may be assessed upon withdrawal. After two years, the normal IRA distribution rules apply (i.e., if you withdraw before you reach age 59½, you may incur a 10% penalty).
Your employer may enroll everyone in a SIMPLE IRA and make contributions into a SIMPLE IRA on your behalf. Employees are under no obligation to contribute through salary deduction if they do not want to do so.
Yes. If you work for more than one employer, you may also participate in another retirement plan in addition to the T. Rowe Price SIMPLE IRA, but certain contribution limits among the plans may be applicable.
No. SIMPLE IRA contributions may be deposited only in the employee's SIMPLE IRA account.