A SIMPLE IRA plan is a Savings Incentive Match Plan for a small business with 100 or fewer employees. Employees and employers can contribute to Individual Retirement Accounts set up for employees; subject to certain limitations. Each employee is always 100% vested in or has ownership of all money in his or her Simple IRA.
SIMPLE IRA ADVANTAGES:
- Easy to set up and run.
- Administrative costs are low.
- Employees contribute on a tax-deferred basis, through convenient payroll deductions.
- Employers can choose to either match employee contributions or contribute a fixed percentage of all eligible employees’ pay.
You may download account forms or request an account kit by calling 1-888-793-5333.