Unlock a streamlined, cost-effective Simple IRA plan solution that’s tailor-made for small businesses with fewer than 100 employees.
A Simple IRA (Savings Incentive Match Plan for Employees) is an accessible and straightforward retirement plan designed for small businesses.
This retirement option encourages both employer and employee contributions, providing an excellent opportunity for businesses to offer valuable retirement benefits with ease.
Contribution Limits:
Eligibility:
Let’s Start
Choose from any of the Simple IRA pre-designed matching and contribution schedules.
Dollar-for-dollar match of employee contributions up to 3% of each employee’s compensation (which can be reduced to as low as 1% in any 2 of 5 years).
A contribution of 2% of each employee’s compensation. The maximum compensation used to determine this contribution is $305,000 for 2022 and $330,000 for 2023. Contributions are tax-deductible and are required every year.
Beginning with tax year 2024, SECURE 2.0 allows an employer to make additional contributions to each employee of the plan in a uniform manner, provided that the contribution may not exceed the lesser of up to 10% of compensation or $5,000 (indexed for inflation).
For small business owners looking for a retirement plan that’s easy to implement and manage, the Simple IRA is an excellent choice. With straightforward administrative requirements, it provides an accessible path to offering retirement benefits to employees.
Key Advantages:
For businesses interested in offering a retirement plan that serves as a valuable employee benefit and a recruitment tool, the Simple IRA with its employer matching contributions is an appealing choice. It allows employers to attract and retain talented staff who appreciate the opportunity to grow their retirement savings with employer support.
Benefits to Employers:
Companies with seasonal income fluctuations can appreciate the low administrative costs and ease of setup.
Benefits to Employers:
.
Consider exploring alternative plan options that could also suit your needs, in addition to the Simple IRA.
Most Popular
Select from pre-approved matching and vesting schedules to simplify compliance requirements.
Tailor your matching and vesting schedules to align with your budget and safeguard your cash flow.
Opt for a low cost plan for easy contributions, suited for businesses just getting started.
"*" indicates required fields