Type of Defined Contribution Plan where small employers sponsor a plan which allows for employee salary deferrals and requires a minimum level of employer matching or non-elective contributions. IRA or 401(k) based plan created by the Small Business Job Protection of 1996.
The "Savings Incentive Matching Plan for Employees." SIMPLE IRAs are Individual Retirement Annuities funded with employee elected salary deferrals and matching or nonelective employer contributions. Suited for small businesses with less than 100 employees earning $5,000 or more in the previous calendar year and the same or greater anticipated earnings for the current calendar year.
an employer-sponsored plan whereby plan contributions are made to a participating employee's IRA
an employer sponsored plan where plan contributions are made to a participating employees IRA
a salary deferral plan established by an eligible employer
A SIMPLE IRA is a salary reduction plan geared for employers with 100 or fewer employees that requires less administrative paperwork than a 401(k) Plan and provides for limited employee and limited but required employer contributions. It is structured as an IRA.
Savings Incentive Match Plan for Employees (SIMPLE) IRA is an IRA set up by a small employer for a firm's employees.
A SIMPLE (Savings Incentive Match Plan for Employees) IRA is a simplified, tax-favored retirement plan for small employers that provides for elective contributions by employees, mandatory employer contributions, and meets certain vesting, participation and administrative requirements.
A plan for small organizations that allows employees to contribute on a pretax basis, and requires the employer to make either matching contributions or a nonelective contribution for all eligible employees.
Savings Incentive Match Plan IRA. A retirement plan for employees of companies that do not have a 401(k) plan and which employ fewer than 100 people. A SIMPLE IRA allows the employees to set aside a percentage of their pre-tax wages into a special individual retirement account. The employer is required to contribute to the employee's plan. Employer contributions may vary from year to year. All contributions and earnings grow tax-deferred until withdrawn.
Savings Incentive Match Plan for Employees of small employers. This Retirement Plan is simple to administer and offers contribution options that are both flexible and substantial; generally available to both for-profit and not-for-profit employers having no more than 100 employees.
The Savings Incentive Match Plan for Employees, or SIMPLE, IRA, created in 1996, is a tax-favored retirement plan that small employers can set up for the benefit of their employees.
A SIMPLE IRA, or Savings Incentive Match Plan, is a plan adopted by an employer which allows the eligible employees to make contributions to their SIMPLE IRAon a pre-tax basis. The money in a SIMPLE IRA earns and compounds on a tax-deferred basis until withdrawn. Self-employed individuals and employers with fewer than 100 employees and who have no other retirement plan may adopt a SIMPLE plan.
Savings Incentive Match Plan for Employees (SIMPLE). A retirement plan where employees can choose to make salary reduction contributions. The company is generally required to match employee contributions up to 3% of the employees compensation.
A SIMPLE IRA is a type of employer provided retirement plan in the United States. Specifically, it is a type of Individual Retirement Account that is set up to be an employer provided plan. It is a qualified plan like more well known plans such as the 401(k) (profit sharing plans) and 403(b) (Tax Sheltered Annuity plans), but offers simpler and less costly administration rules.