Savings Incentive Match Plan for Employees (SIMPLE IRA)

If you are a business owner with 100 employees or less, or a self-employed individual, a SIMPLE IRA provides convenient access to a tax-deferred retirement savings plan. The SIMPLE IRA encourages your employees to save for retirement through pre-tax salary contributions and allows you flexibility in how employer contributions can be made. Additional benefits include:

  • Easy to set-up and operate
  • Generally, low administrative costs
  • Tax-deferred employee contributions available through payroll deductions
  • Employer choice of matched or fixed percentage contributions
  • Potential tax deduction and/or tax credit for employers