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Savings Incentive Match Plan for Employees of Small Employers

An IRA or 401(k) plan for employees of small businesses, usually with fewer than 100 employees. The employee may make tax deductible contributions, and the employer may contribute in one of two ways. The employer may either match employee contributions up to 3% of the employee's annual salary, or provide a contribution of 2% of the salary regardless of how much the employee contributes. The employee controls the investment of the contributions.


A savings incentive match plan for employees that is similar to but more flexible than an IRA for businesses with 100 or fewer employees. Employees enter into a qualified salary reduction agreement to contribute a percentage of their annual compensation to a tax-deferred retirement account.


A SIMPLE, also known as a SIMPLE IRA, is short for Savings Incentive Match Plans for Employees, an employer sponsored retirement savings plan that may be offered by companies with fewer than 100 employees.

Employers must contribute to eligible employees' accounts each year in one of two ways. They can make a contribution equal to 2% of salary for every employee, or match dollar-for-dollar each employee's contribution to the plan, up to 3% of that employee's annual salary.

A SIMPLE may be set up by establishing an IRA in each employee's name or as a 401(k). Congress sets an annual dollar limit on the tax-deferred amount an employee may contribute, based on the type of SIMPLE it is. Contribution ceilings for SIMPLE-IRAs are lower than for other employer sponsored plans.

You may withdraw assets from a SIMPLE without penalty if you are 59 1/2 or older and retired. And you must begin taking minimum required distributions by April 1 of the year following the year you turn 70 1/2 unless you're still working. Taxes are due on distributions at your regular tax rate.

You may roll your assets over into another employer plan or an IRA if you leave your job for any reason or retire.

Two key differences between SIMPLEs and other employer plans are that your account must be open at least two years before you can withdraw or move the money, and the federal tax penalty for early withdrawal is 25% of the amount you take, rather than 10%.

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The Simplified platform was designed from the ground up in collaboration with more than 250 lenders, and offers customers the ability to order mortgage settlement services at pre-negotiated pricing with top national vendors or with local vendors of their choosing.
20) Earlier versions of the simplified deduction method and the small business simplified overall method appeared in Prop.
Due to the nature of the simplified method calculations, they assume an invariable business flow and disregard the make-up of inventory at year-end.
The Simplified Deduction Method for businesses between $5 million and $25 million in gross receipts, or $10 million in assets, must allocate COGS as above using Sec.
This is not likely to change especially on the smaller side of SMB, so technology that is originally designed for large-enterprise applications and large IT teams must be simplified for SMB reality and budgets.
This conclusion seemed obvious as simplified acquisition procedures were designed to "(a) reduce administrative costs; (b) improve opportunities for small, small disadvantaged, and women-owned small veteran-owned, HUBZone, and service-disabled veteran-owned small business concerns to obtain a lair proportion of Government contracts; (c) promote efficiency and economy in contracting, and (d) avoid unnecessary burdens for agencies and contractors (FAR Part 13.
The agencies seek comment on simplified capital frameworks for noncomplex banks and thrift institutions that would conform to the underlying principles of a revised Basel Accord and maintain the principles of prudential supervision, yet would relieve unnecessary regulatory burden.
The law prescribes the use of a new simplified method for determining an annuity's taxability.
The HDMI Simplified product line makes legacy component signal conversion, connection and switching simple," according to Brad Hoffert of RZ Products Group.
The only exceptions to this rule are the simplified production method (SPM) and the simplified resale method (SRM); see Regs.
The aim is to replace the current income and payroll tax with a simplified, progressive program would tax all income once.
Moore, Regis McKenna) and becomes pervasive, the human interface is simplified while it encapsulates still greater complexity.

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