What Is a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)?
A Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) is a type of tax-deferred retirement account that may be established by employers, including self-employed individuals. The employer is allowed a tax deduction for contributions made to a SIMPLE account.1
The employer may make either matching or non-elective contributions to each eligible employee’s SIMPLE IRA, and employees may make salary deferral contributions.
