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  • Simple IRA

    A SIMPLE IRA plan is a Savings Incentive Match Plan for Employees. Under a SIMPLE IRA plan, employees and employers make contributions to traditional Individual Retirement Accounts (IRAs) set up for employees (including self-employed individuals), subject to certain limits. It is ideally suited as a start-up retirement savings plan for small employers who do not currently sponsor a retirement plan.


    Basics of a SIMPLE IRA Plan:

    • Designed for businesses with, generally, 100 or fewer employees
    • Businesses cannot have any other retirement plan
    • Designed to make it easier for small businesses to offer a tax-advantaged, company-sponsored retirement plan
    • Flexible and easy to administer


    • Easy to set up and run – usually just a phone call to the bank gets things started
    • Administrative costs are low
    • Employees can contribute, on a tax-deferred basis, through convenient payroll deductions
    • You can choose either to match the employee contributions of those who decide to participate or to contribute a fixed percentage of all eligible employees’ pay
    • As an employer, you can generally deduct any contributions you make on behalf of your plan participants from your business expenses

    In some cases, this service may consist of deposit and non-deposit products that may or may not be FDIC insured. Non-insured FDIC products are not considered a deposit of, obligation of, nor guaranteed by the bank, and are subject to investment risk including the possible loss of principal invested.