Common Contracts
1 similar Simple Ira Salary Reduction Agreement contracts
Simple ira salary reduction agreement formSimple Ira Salary Reduction Agreement • May 31st, 2023
A SIMPLE IRA plan (Savings Incentive Match PLan for Employees) allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan. Choose a SIMPLE IRA Plan SIMPLE IRA plans can provide a significant source of income at retirement by allowing employers and employees to set aside money in retirement accounts. SIMPLE IRA plans do not have the start-up and operating costs of a conventional retirement plan. Available to any small business – generally with 100 or fewer employees Easily established by adopting Form 5304-SIMPLEPDF, Form 5305- SIMPLEPDF, a SIMPLE IRA prototype or an individually designed plan document Employer cannot have any other retirement plan No filing requirement for the employer Contributions: Employer is required to contribute each year either a: Matching contribution up to 3% of compensation (not limited by the annual compensatio
