The Savings Incentive Match Plan for Employees of Small Businesses (the “SIMPLE”) IRA retirement plan is designed to help employees working for small businesses save for retirement on a tax-favored basis, while allowing employers current-year tax de-ductions, using individual retirement accounts (IRAs) to receive plan contributions.
Here are some frequently asked questions about the new SIMPLE IRA retirement plan. The answers to these questions could help you determine if this is the right plan for you and your business.