A SIMPLE IRA plan provides small employers with a simplified method to contribute toward their employees' and their own retirement savings. Employees may choose to make salary reduction contributions and the employer is required to make either matching or nonelective contributions. Contributions are made to an Individual Retirement Account or Annuity (IRA) set up for each employee (a SIMPLE IRA).
These FAQs provide general information and shouldn’t be cited as legal authority. Because these answers don’t apply to every situation, yours may require additional research.
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