What is a SIMPLE IRA?

A Simplified Incentive Match Plan for Employees, or SIMPLE IRA, is designed to make it easier for small employers (those with 100 or fewer employees) to establish a retirement plan. A SIMPLE IRA, like a 401(k), allows employees to divert some amounts of compensation into retirement savings. As with a SEP, contributions to a SIMPLE IRA are deposited into a separate IRA for each participating employee. The participant may select any percentage of compensation to defer into the plan - even zero - but the total dollar amount cannot exceed $12,500 per year ($15,500 if you are at least age 50 by the end of the year).

Unlike the employee, the employer is required to make a contribution. The employer has two options:

Please contact one of our IRA Experts at 800-472-0646 for more information.

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