retirement

What is a SIMPLE?

 

What is SIMPLE or Savings Incentive Match Plan for Employees?

The Bankrate.com financial term of the day is: "Savings Incentive Match Plan for Employees."

Do you work for yourself or own a small business and are looking for a good retirement plan for you and your workers? The answer may be SIMPLE -- which in this case is an acronym that stands for Savings Incentive Match Plan for Employees. It's a company-sponsored individual retirement account for small businesses with no more than 100 employees; the workers must be earning at least $5,000 a year. The employer is required to make certain contributions to help employees build up their SIMPLE IRAs.

A Savings Incentive Match Plan for Employees, or SIMPLE, is a retirement savings solution for the self-employed or small businesses.

For answers to all of your retirement questions, visit the Retirement section at Bankrate.com.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CAR & MONEY NEWSLETTER

Get cost-cutting tips for buying, selling and maintaining your wheels. Delivered monthly.

advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

FTC targets deceptive car ads

The FTC has taken action against two car dealership chains for deceptively advertising the costs of buying and leasing cars.  ... Read more


Connect with us