Simple IRA Plans
Simple IRA’s are often times the best fit for small companies that are not ready for full 401(k) plan but want to put a retirement plan in place that is low cost, easy to administer, and provides participant directed investment accounts. Below is a summary of the plan features:
| Type of Company | Less than 100 employees |
| Establish Deadline | October 1st |
| Max EE Deferral 2024 | $16,000 or $19,500 (over 50) |
| Employer Contribution | 3% Match or 2% Non-elective |
| Annual Admin Cost | Varies (platform dependent) |
| Max Employee Eligibility | 2 Year Wait |
The contribution limits are lower than 401(k) plans but unlike 401(k) plans there is no discrimination testing at the end of the year. So the owner does not have to worry about money getting kick back to them at the end of the year due to failed testing. These plans have a mandatory employer contribution. Most employers elect the 3% matching contribution which is a dollar for dollar match up to 3% of comp for each eligible employee. However, that 3% match can be reduced to 1% in 2 out of any 5 consecutive years.
Welcome To Our Virtual Retirement Plan Services
For companies located outside of the Capital Region, we designed a virtual employer sponsored retirement plan platform that allows us to offer our clients:
No Call Centers
Employee Education (if applicable)
Retirement Planning
Video Conferencing For Review Meetings
Easy Plan Setup
Plans Consulting
Low Fees
Flexible Investments
Contact Us . . .
All of our services start with a complimentary consult. We can assist you in determining which plan is the right fit for your company.