Simple IRA Plans
We research available plans on an ongoing basis and strive to bring the best in the industry to you. For additional information on selecting the right plan for your specific needs, please contact us. We enjoy working with both companies and individuals and would enjoy the opportunity to help you find the best match.
If you are a participant and you are wanting to change your deferral allocations, click here for the form to complete.
SIMPLE Retirement Plan
The Small Business Job Protection Act of 1996 created an entirely new type of retirement plan called “SIMPLE,” an acronym that stands for Savings Incentive Match Plan for Employees. It is available for any business which:
● Has 100 or fewer employees (including employees of related entities);
● Does not maintain another tax-qualified retirement plan to which contributions are made; and
● Is either an incorporated or unincorporated firm.
● Employee has the option of taking cash, or having it contributed to the trust for retirement. This is equivalent to the employee making a pre-tax contribution.
● Mandatory employer contributions are tax-deductible to the business.
● Employer contributions are not taxed currently to the participants.
● Earnings accumulate income tax deferred.
● The employer must deposit participant contributions within 30 days after the end of the month for which the contribution was made.
● There are two different types of SIMPLE plans that, although similar, do have distinct differences. There is an IRA version and a 401(k) version.