Series 24: Savings Incentive Match Plan For Employees (SIMPLE) IRA Plans

Savings Incentive Match Plan for Employees (SIMPLE) IRA Plans

The SIMPLE IRA plan is a retirement plan for businesses having no more than 100 employees. With a SIMPLE IRA, the employee may make pre-tax contributions to the plan. The employer is required to either match these contributions up to 3% of the employee’s compensation or to contribute 2%, whether the employee makes a contribution or not. Any employe