What will happen to my simple IRA?
I have a simple IRA with the company I currently work for. I am leaving this company next week as I was offered a position elsewhere. I received a call today from the financial institution where the IRA is invested that my boss is bringing a check to them for 2015. Since it is already July of 2016, I am confused as to why we are just now making the 2105 employer contribution. Can you help me understand this? I feel like someone didn't have my best interest in mind.
With a SIMPLE IRA, your employer has until the filing of the business’s income tax return, including extensions, to make its matching contribution. So this doesn't seem malicious. The employer likely extended the tax return and is making the contributions prior to filing. When you leave the company, you will still be entitled to the money from 2015 and you will be able to roll it into a new plan if you so choose.
Here are the details from the IRS: https://www.irs.gov/retirement-plans/simple-ira-plan-faqs-contributions