SIMPLE IRA Plans

An employee retirement savings plan for business owners with 100 or fewer participating employees, SIMPLE IRA Plans require contributions from both the employer and employee. A SIMPLE IRA is set up for each participating employee, and the employee determines the investment.

Plan Features

  • Easy for self-employed individuals and small businesses
  • Employees can direct their own investments
  • Multiple investment options

Plan Benefits

  • Administrative costs are low compared to other types of plans
  • Easy to set up
  • The account is portable, so the employee keeps the IRA even if they change jobs

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