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
