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Give your employees an added benefit and peace of mind—all without taking on large costs and administrative burdens. A SIMPLE IRA provides small companies an alternative to complex, tax-qualified retirement plans.

As your employee makes elective plan contributions, you simply match theirs. And there's less reporting requirements involved. Best of all, your company's contributions are tax deductible.



  • Available for businesses with no more than 100 employees who earned at least $5,000 in compensation during the preceding year
  • Businesses cannot maintain another employer sponsored retirement plan
  • Withdrawals before age 59½ subject to penalty

Benefit for employer

  • Gain your employees trust and respect
  • Generally cheaper and less complex than tax-qualified plans
  • Not subject to special 401(k) nondiscrimination test or top-heavy rules
  • Less restrictive than individual IRAs
  • Contributions are fully and currently tax deductible
  • Employees make contributions to which you match*
  • Establish a SIMPLE plan as an IRA for each employee or as part of a 401(k) plan

Benefits for employees

  • Fully vested, tax-deferred retirement
  • Available for self-employed individuals and company employees
  • Employees 50+ may make "catch-up" contributions
  • Employer makes matching contributions
  • Employer contributions are not includable in employee incomes for income-tax purposes
  • Tax-free until time of withdrawal
  • Annual contributions can be made to a separate IRA up to the annual contribution limit

*Matching contributions are required up to 3% of participating employees' compensation or a nonelective contribution of 2% is required for all eligible employees.