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Simple IRA

SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES OF SMALL EMPLOYERS

A Simple IRA is a tax-deferred, employer-provided retirement plan that allows employees to set aside money and invest it. Under a SIMPLE IRA plan, employees may choose to make salary reduction contributions and the employer makes matching contributions.

  • Employer established retirement plan
  • Employer contributions are deductible as a business expense
  • Employees can make tax deferred contributions through payroll deduction
  • Employers must match 100% of employees’ contribution (up to 3% of compensation) annually
  • Qualified companies have less than 100 employees and no other qualified plan
  • All distribution rules of a Traditional IRA apply
  • Competitive rates
Simple IRA Contribution Limits

Year

Standard Contribution

Catch-Up Contribution
(for ages 50 or older)

2025
$16,500
$3,500
2026
$17,000
$3,500
2027 and on
Indexed with Inflation

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