SIMPLE IRA Quick Facts
- Small businesses must have fewer than 100 employees
- Employers are required to make contributions
- Few to no administrative fees. See pricing details
- Contributions made by the employer to employees' accounts are generally tax deductible by the business.
- As the business owner, you may be eligible for up to a $500 tax credit for each of the first three years of the plan.
- Fewer fees and less administration compared to a 401(k).
- Access your plan via a secure online platform.
- Pre-tax salary deferrals with mandatory employer contributions - a good option where your business cash flows are predictable.
- Greater control over investment choices compared to other retirement plans.
- You are not required to file IRS Form 5500.
- Access to Merrill Lynch E-contribs for Small Business Retirement Accounts for convenient, online contributions.