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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 $500 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1 Tax-deferred contributions made by employees — including you — have the potential to grow tax free until withdrawn at retirement.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 $13,000 ($16,000 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
59%
of small business employees say they'd likely take a job with slightly lower pay but better benefits.Footnote 3

Pricing and fees

Pricing and fees
Account fees
Setup fee:
$0
Annual administrative fees:
$0
Unlimited $0 online stock and ETF trades.Footnote 4
Other fees may apply*
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.

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 Lynch 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 Start investing

Create an investment strategy
Build a balanced portfolio aligned to your investment goals.
Find the right investments for you
Choose from a full range of stocks, bonds, options, ETFs and well-known mutual funds — all with simple flat-rate pricing. Narrow your investment choices with our easy-to-use screening tools.
Manage your portfolio
Access your new Merrill investing account 24/7 — online and on your mobile device.
Employers set up your SIMPLE Plan Employers set up your SIMPLE Plan
Employees open your Self-directed SIMPLE IRA

FAQs

FAQs
Who contributes to a SIMPLE IRA?
The plan is funded by employee salary deferrals and required employer contributions.
How much are employers required to contribute?
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
What are the employee contribution limits?
Employees, including business owners, can defer up to $13,000 ($16,000 for those age 50 or older) of compensation annually.Footnote 2
Who is eligible to participate in a SIMPLE IRA?
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.
See all SIMPLE IRA FAQs
More about small business retirement plans

Employer

Small Business 401(k)
SEP IRA

Self employed

Individual 401(k)
SEP IRA
Compare self-employed plans
Let us help you find your best options

Recognized for excellence

An outstanding customer service experience
Merrill Investment Center has been recognized by J.D. Power by providing "An Outstanding Customer Service Experience" for Phone support for 9 years in a row.Footnote 5
One of the best online brokers
One of the best online brokers, receiving 4 out of 5 stars six years in a row (2014, 2015, 2016, 2017, 2018, 2019).Footnote 6

More about small business retirement plans

Employer

Small Business 401(k)
SEP IRA

Self employed

Individual 401(k)
SEP IRA
Compare self-employed plans
Let us help you find your best options
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
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Important disclosures

Footnote 1 For more information, visit Retirement Plans Startup Costs Tax Credit on the IRS websitewww.irs.gov/retirement-plans/retirement-plans-startup-costs-tax-credit.
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 Aflac Workforces Report, April 2015.
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 
J.D. Power 2019 Certified Customer Service ProgramSM recognition is based on successful completion of an evaluation and exceeding a customer satisfaction benchmark through a survey of recent servicing interactions. For more information, visit J.D. Power popup. Rankings and recognition from J.D. Power 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. Participation in this survey was paid for by Merrill.
Footnote 
Merrill was one of 14 brokers evaluated in the Barron's 2019 Best Online Broker Survey, February 22, 2019. Barron's evaluated firms in — the trading platform, usability, mobile, research, education, news, information, international offerings and retirement/divided-related services—to rate the firms. Merrill earned an overall score of 28 out of a possible 50. All costs assume customer has a minimum of $100,000 in assets with broker. Occasional Trader: six stock and two options trades per month. Assumes customer qualifies for 100 $0 stock trades per month through Preferred Rewards Platinum Honors. If not, occasional fee is $70.60 per month. Learn more at Who Are 2019's Best Online Brokers? popup Barron's is a trademark of Dow Jones & Co., L.P. All rights reserved. Reprinted with permission of Barron's. Rankings and recognition from Barron's 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.
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Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.
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Set up a SIMPLE IRA today. Designed for small businesses with less than 100 employees, save and contribute more to your employees' retirement plans. self employed simple ira, simple ira