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Employee Contributions

Employees may allocate a portion of their paychecks directly to their SIMPLE IRAs and enjoy the resulting tax deduction.

Employer Contributions

Employers can match up to 3% of employee contributions or deposit 2% for all eligible employees (regardless of their contribution activities).

Invest and Distribute

Garner tax-deferred earnings with alternative investments. You'll pay income taxes only when you distribute cash or assets from the account.

SIMPLE IRA Benefits

The Savings Incentive Match Plan (SIMPLE) IRA is a convenient employer retirement plan that allows contributions from both the company and the employee. Employers can match employee contributions up to 3% of the applicable employee's income. So, if you contribute 3% from every paycheck, your employer would match the deposit in full. Alternatively, employers may choose to contribute 2% of compensation to all eligible employees, regardless of their contribution activites. SIMPLE IRAs provide an easy yet comprehensive solution for small businesses that want to reward their dedicated employees with retirement benefits.

Like Traditional IRAs, contributions can be deferred from your income for tax purposes. Taxes would only come due upon distribution down the road. Unlike Traditional IRAs, SIMPLE IRA holders can deposit more per year and may elect to directly contribute a portion of their paychecks.

You may not transfer or roll SIMPLE IRA holdings until two years after you establish the account. The clock starts on the date of your initial contribution.

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