SIMPLE IRA
What is it? A tax-deferred retirement plan for businesses with fewer than 100 employees and the self-employed. In a SIMPLE IRA, or Savings Incentive Match Plan for Employees, plan participants may defer up to $6,000 a year in salary to go into their IRAs. Employers must match up to 3% of pay for participants or 2% for all employees even if they all do not contribute. Employees are immediately vested. The ceiling on annual contributions from employers and employees is $12,000.Added By: Addison
The SIMPLE IRA definition has been viewed 453 Time(s)!
Send To Friends!
If you'd like to send the SIMPLE IRA definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of SIMPLE IRA. If you need any more information on this term, please don't hesitate to contact us.