April 1, 2021 Are you a small business owner looking for a retirement plan for you and your employees? A Savings Incentive Match Plan for Employees (SIMPLE) IRA allows participants to defer part of their salary into the plan. It also requires a contribution from the employer each year. It's easy to get started with a SIMPLE IRA PDF. Just complete and sign the two-page IRS Form 5304-SIMPLE PDF or Form 5305-SIMPLE PDF, and share the model notification and salary reduction agreement with your employees. Contributions are made to an IRA set up for each eligible employee. Key features of a SIMPLE IRA include: Available to employers with 100 or fewer employees Contributions are deductible and grow tax-deferred to retirement No filing requirement with the IRS Tax credit for starting a new plan Saver's credit up to 50% for salary deferrals Resources Publication 3998, Choosing a Retirement Solution for Your Small Business PDF Publication 4334, SIMPLE IRA Plans for Small Businesses PDF Small Business Retirement Plan Resources
