Savings Incentive Match Plan For Employees

  • Employers must contribute annually
  • Employees can contribute $13,500
  • Catch up contributions allowed

For small companies

The Savings Incentive Match Plan For Employees, or SIMPLE IRA, could be a great choice if you want to contribute to a retirement plan and you have a small company – fewer than 100 employees.

  • An employee may choose to contribute, but an employer must contribute annually.
  • An employee can contribute $13,500 under age 50
  • An employee can contribute $16,500 age 50 and over

Employer can match each employee’s contributions dollar for dollar, up to 3% of employee’s compensation.

Best thing about SIMPLE is the simplicity.