Hi KC:

This is the first year of our SIMPLE IRA (previously we had a SEP). I love it. I really think Congress fixed the problems with SEP's, and kept us out of the expense of 401 k's. My only gripe is that I wish I could contribute more than 6K, but whatever.

My advice would be to visit a local Schwab office. They made setting up ours a super easy process. Plus I like the investment alternatives I have in my account, and while the fees are not as low as the deep discounters, they are reasonable.

They have a SIMPLE kit that explains all the ins and outs. I can't comment on the specifics of doing this as a SP because my company is a C corp and I didn't really pay attention to the SP aspects. But I would hope the Schwab packet would have the proper info.

Good luck to you. DaBob.

Disclaimer PS: No, I don't have any reason to promote Schwab over anyone else, it's just my experience.