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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%.

References in periodicals archive ?
While Mendez Montesinos's argument is very effective in documenting what she calls a twentieth-century "resurgence" (17) of the subversive simpleton in Mexico and California, further analysis of how these comic forms developed during the 400-year period between the sixteenth and the twentieth centuries might have revealed an interesting, sustained progression of comedy rather than a description of a form and its resurgence centuries later.
Gil Vicente similarly makes the Simpleton Joane address the Judge and the Lawyer in macarronic Latin, giving Latin genitive plural endings to the Portuguese words coelho and perdiz:
The stereotype of the farmer as rustic simpleton or uncouth redneck is, like most stereotypes, easily refuted: All you have to do is compare it with a number of real people.
of a simpleton being the three I choose and cherish:
The movie (PG-13) is foremost a road comedy, and Nelson steals the show as Delmar, the simpleton chain-gang refugee so naive that at one point he believes that a woman's love can turn a man into a toad.
His white painted face and Dutch-girl hat, curled up at the sides, added to his interpretation of the simpleton, and he certainly proved himself a comic actor with his sharply defined facial and body expressions.
Sweet but single-minded Daisy (Heather Graham) is sleeping her way to the top, and completing the con squad is Kit-lookalike Jiff (Murphy too) - but to reveal more about this toothy simpleton would spoil things.
The final Simpleton trader considered is one who believes that there is an equal probability of a given exchange rate appreciation or depreciation in the forthcoming period; that is, the exchange rate follows a random walk.
The story of Perceval's spiritual development from simpleton to Grail keeper received its finest treatment in Wolfram von Eschenbach's great 13th-century epic Parzival.
They used to loot simpleton after portraying themselves as 'Pir' and confessed to take away money and other valuables from 150 persons.
Best known for bringing to life the adorable simpleton 'Mr.
In this Kabir Khan-director war drama, the actor plays the role of a simpleton, working alongside his real-life brother, Sohail Khan.