SIMPLE Retirement Plan

SIMPLE Retirement Plan

Small employers may establish a savings incentive match plan for employees retirement plan. A SIMPLE plan can be either an IRA for each employee or a cash or deferred arrangement, such as a 401(k) plan.
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For this edition of a text/CD-ROM package for students in accounting, Bieg (Bucks County Community College) includes a CD-ROM of ADP's PC/payroll tutorial for Windows, plus a CD-ROM of Excel templates for use with the text's payroll project, which has been expanded to include the integration of a SIMPLE retirement plan.
To use the Simple Retirement Plan, an employer must have no more than 100 employees receiving at least $5,000 in compensation.
It's called the SIMPLE retirement plan, but choosing it may not be all that simple for small-business owners looking for a retirement program for their employees.
There are several advantages to the SIMPLE retirement plan.
There are some disadvantages to the SIMPLE retirement plan.
To remedy this situation, Congress created the Savings Incentive Match Plan for Employees, or SIMPLE retirement plan (also discussed by Stanley Person in this month's Tax Briefs, page 32).
The SIMPLE retirement plan is designed to encourage greater participation by small businesses by making compliance with the legal provisions easier through fewer and simpler rules.
For the first time ever, a small business owner can set up a SIMPLE retirement plan for himself -- regardless of whether any of his employees participate," said Barnett.
Self-employed individuals also can deduct their contributions to Keogh, SEP and SIMPLE retirement plans from their gross income.
20, 1997--Prudential announced today that it has developed a new array of SIMPLE retirement plans for small businesses to encourage employee savings, promote retirement planning and minimize fees.