A SIMPLE IRA (Savings Incentive Match PLan for Employees) gets both the employer and the employee involved in contributing to a retirement account. While employees are 100% vested from inception, there are steeper penalties for withdrawing money from the account within the first two years of participating.
SIMPLE IRAs are relatively easy to set up and run
Contributions are tax-deductible for employers
Employee contributions are pre-tax
Earnings grow tax deferred
Employers can choose a matching feature or a percentage of wages
Matching employer contributions belong to the employee immediately and can go with them if they leave
"My bank opened the door with open arms to us. They were very supportive and were excited about what our plans were and very helpful. They are there for any needs that we need. They have given us many different ideas for what they can do to help us make our business better and bigger." - Wendy Lewis, Wendy’s Towne Restaurant