Set up a SIMPLE IRA plan at any time January 1 through October 1. As a participant in the Plan, you are entitled to certain rights and protections under the Employee Retirement.Income Security Act of 1974 (ERISA). ERISA 401(k) And Other Defined Contribution Plans Must Add Lifetime Annuity Illustrations to Benefit Statements. To fully establish your plan, you'll also need to complete the self-employed 401(k) account application, adoption agreement and trust agreement. ERISA covers most employer-sponsored retirement plans. But public employee plans, such as the state pension plan in answer "B," are exempt from coverage. As an "employer," a group or association, as well as a PEO, can sponsor a defined contribution retirement plan for its members. We advise on ERISA, public pension, and trust law principles, as well as fiduciary duties under state and non-US law.