SIMPLE | Strategic Benefits Advisors

Savings-Incentive Match Plan for Employees acronym. A plan limited to employers with fewer than 100 employees who do not have any other qualified retirement plan. SIMPLE plans can be either part of a 401(k) Plan or established as IRAs. Employers must either make Matching Contributions of up to 3% of pay or make 2% of pay Non-Elective Contributions to all eligible employees.

Glossary: IRA
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