Skip to main content
 
 
Features
Focus on your business with an easy‑to‑manage retirement plan
If you have 100 or fewer employees, a Savings Incentive Match Plan for Employees (SIMPLE) IRA is a cost efficient, easy-to-manage way to contribute toward your employees' — and your own — retirement.
Take advantage of tax breaks for you and your employees
Contributions made by your business are generally tax deductible by the business. You may also benefit from a tax credit of up to $5000 for 3 years.Footnote 1 Tax-deferred contributions made by employees — including you — have the potential to grow tax free until withdrawn at retirement.
Attract and retain valued employees with high contribution limits
Employees can make pre-tax contributions up to $13,500 ($16,500 if age 50 or older) annually, more than twice as much as a Traditional IRA.Footnote 2 For details, read the SIMPLE IRA fact sheet (PDF).
Choose from a full range of investment choices
You and your employees can access a full range of investment choices, including stocks, bonds, options, ETFs and well-known mutual funds. You may also consider a savings IRA from Bank of America, N.A. Learn more about investment choices
79%
of small business employees surveyed who are satisfied with benefits are more likely to stay with employer.Footnote 3

Pricing and fees

Pricing and fees

Account fees

Other fees may apply. Free and $0 means there is no commission charged for these trades. $0 option trades are subject to a $0.65 per-contract fee. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs. To learn more about Merrill pricing, visit our Pricing page.

Straightforward pricing

Straightforward pricing
Unlimited $0 online stock, ETF and option trades with no trade or balance minimums.Footnote 4
Options contract and other fees may applyFootnote *
Account minimum: $0
0.45% annual program fee
Other fees may applyFootnote *
Qualify for discounted pricing
Account minimum: $5,000
0.85% program feeFootnote 5
Other fees may applyFootnote *
Qualify for discounted pricing
Account minimum: $20,000
Account minimum
$0
$5,000
$20,000

Get started

Open a SIMPLE IRA in 3 easy steps

One Open your account

It takes just minutes to set up your plan and account. Your employees will set up their own, and there are no program or administrative fees for accounts opened online.

Two Make contributions

Fund your and your employees' accounts using Merrill E-Contribs for Small Business Retirement Accounts™ — a free, web-based solution for making contributions. No paperwork to complete. No checks to write. No postage to pay. Go to E‑Contribs

Three Choose how you like to invest

A self-directed investing platform that streamlines investing, giving you access to research and insights, step-by-step guidance and flexible tools—all with low, flat-rate pricing.Footnote 6
To get started, open an account online, and our Quick Start Guide will show you how to create an investment strategy, choose the right investments and manage your portfolio.
An investment advisory program aligned to your goals that's built, monitored and rebalanced by Merrill investment professionals.Footnote 7
To get started, tell us about yourself and your investing goal online should you choose to open a Merrill Guided Investing account. You'll get a recommended investment strategy aligned to your goals.
All the benefits of Merrill Guided Investing with an advisor who will discuss your priorities and provide advice and guidance to help you pursue your goal with our investment advisory program.
To get started, tell us about yourself and your investing goal online should you choose to open a Merrill Guided Investing with an advisor account. You'll be able to choose and meet with an advisor in person or on the phone who will discuss your priorities and walk you through the next steps.

FAQs

FAQs
The plan is funded by employee salary deferrals and required employer contributions.
You can choose to contribute a flat 2% of compensation for each eligible employee regardless of participation, or a dollar-for-dollar match of employee salary-deferral contributions capped at 3% of compensation. If needed, the cap may be reduced as low as 1% for any 2 years during a 5-year period.Footnote 2
Employees, including business owners, can defer up to $13,500 ($16,500 for those age 50 or older) of compensation annually.Footnote 2
Any employee who received $5,000 or more in compensation in any 2 calendar years and is reasonably expected to earn $5,000 or more in the current year.

Recognized for excellence

Best Broker for Customer Service
Merrill Edge Self-Directed was named the Best Broker for Customer Service in 2020, according to Investopedia. Footnote 8
#1 Overall Client Experience
Merrill Edge Self-Directed was awarded #1 for Overall Client Experience (for the second year in a row), #1 for access to Banking and #1 for ESG Investing in the StockBrokers.com 2020 Annual Broker Review.Footnote 9
Need help setting up your plan?
Call 855.667.9451855.667.9451
Mon-Fri 9 a.m. - 8 p.m. ET to speak with a Financial Solutions Advisor

Important disclosures

Footnote 
Other fees may apply. Free and $0 means there is no commission charged for these trades. $0 option trades are subject to a $0.65 per-contract fee. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs. To learn more about Merrill pricing, visit our Pricing page.
Footnote 
Contribution and compensation limits are subject to a cost-of-living adjustment annually pursuant to the Internal Revenue Code. Contribution and compensation limits for subsequent years may vary.
Footnote 3 LIMRA; The Talent Magnet: The Role of Benefits in Attracting and Retaining Employees; Employee Benefits and Risk Study, Nov 2018.
Footnote 
Merrill waives its commissions for all online stock, ETF and option trades placed in a Merrill Edge® Self-Directed brokerage account. Brokerage fees associated with, but not limited to, margin transactions, special stock registration/gifting, account transfer and processing and termination apply. $0 option trades are subject to a $0.65 per-contract fee. Other fees and restrictions may apply. Pricing is subject to change without advance notice.
Footnote 
Merrill Guided Investing and Merrill Guided Investing with Advisor have an annual program fee of 0.45% and 0.85%, respectively, based on the assets held in the account. This fee is charged monthly in advance. In addition to the annual program fee, the expenses of the investments will vary based on the specific funds within each portfolio. Actual fund expenses will vary; please refer to each fund's prospectus. To learn more about pricing, visit the Merrill Guided Investing Program Brochure (PDF) or the Merrill Guided Investing with Advisor Program Brochure (PDF).
Footnote 
Institutional Investor magazine announced BofA Global Research as the Top Global Research Firm in 2019 based on surveys held throughout the year. The magazine creates rankings of the top research analysts in a wide variety of specializations, drawn from the choices of portfolio managers and other investment professionals at more than 1,000 firms. BofA Global Research is research produced by BofA Securities, Inc ("BofAS") and/or one or more of its affiliates. BofAS is a registered broker-dealer, Member SIPC popup, and wholly owned subsidiary of Bank of America Corporation. For more information about this award, go to Institutional Investor popup. Rankings and recognition from Institutional Investor are no guarantee of future investment success and do not ensure that a current or prospective client will experience a higher level of performance results and such rankings should not be construed as an endorsement.
Footnote 
The Chief Investment Office (CIO) develops the investment strategies for Merrill Guided Investing and Merrill Guided Investing with Advisor, including providing its recommendations of ETFs, mutual funds and related asset allocations. Managed Account Advisors LLC (MAA), Merrill's affiliate, is the overlay portfolio manager responsible for implementing the Merrill Guided Investing strategies for client accounts, including facilitating the purchase & sale of ETFs and mutual funds in client accounts and updating account asset allocations when the CIO's recommendations change while also implementing any applicable individual client or firm restriction(s).

You may also be able to obtain the same or similar services or types of investments through other programs and services, both investment advisory and brokerage, offered by Merrill; these may be available at lower or higher fees than charged by the Program. The services that you receive by investing through Merrill Guided Investing or Merrill Guided Investing with Advisor will be different from the services you receive through other programs. You may also be able to obtain some or all of these types of services from other firms, and if they are available, the fees associated with them may be lower or higher than the fees we charge.
Footnote 
Merrill Edge Self-Directed received 3.5 out of 5 stars overall in Investopedia's Annual Review, March 17, 2020. Investopedia rates online brokers based on 12 key categories and 103 variables. Rankings for subcategories may vary. Learn more at Investopedia. Reprinted with permission of Investopedia. Rankings and recognition from Investopedia are no guarantee of future investment success and do not ensure that a current or prospective client will experience a higher level of performance results and such rankings should not be construed as an endorsement.
Footnote 
Merrill Edge Self-Directed was evaluated as one of 15 online brokers in StockBrokers.com 2020 Online Broker Review published on January 21, 2020. StockBrokers.com evaluated brokers using 236 variables across 8 categories. The Best In Class rating recognizes brokers that ranked in the top 5 in that category. Learn more at StockBrokers.com popup. Rankings and recognition from StockBrokers.com are no guarantee of future investment success and do not ensure that a current or prospective client will experience a higher level of performance results and such rankings should not be construed as an endorsement.
3083405
Connect with us:
LinkenIn
Twitter
YouTube
Connect with us:
LinkenIn
Twitter
YouTube
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.
Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary (PDF).

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, a registered investment adviser, Member Securities Investor Protection (SIPC) popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp").
Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Are Not Deposits Are Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking Service or Activity


Privacy & Security | Advertising practicesAdvertising Practices

© 2020 Bank of America Corporation. All rights reserved.

3258567