Savings Incentive Match Plans for Employees of Small Employers (SIMPLE)
- A retirement plan for small businesses with a maximum of 100 employees, where eligible staff contribute via payroll deductions, potentially matched by the employer up to 3% of their pay
- Many staff appreciate the SIMPLE plan as it reduces their tax and provides for retirement.
- With the SIMPLE plan, employers encourage loyalty by matching employee contributions.
- The company decided to implement a SIMPLE plan to help their employees save for retirement.