Savings Incentive Match Plans for Employees of Small Employers (SIMPLE)

Definition of "Savings Incentive Match Plans for Employees of Small Employers (SIMPLE)"
  1. 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
How to use "Savings Incentive Match Plans for Employees of Small Employers (SIMPLE)" in a sentence
  1. Many staff appreciate the SIMPLE plan as it reduces their tax and provides for retirement.
  2. With the SIMPLE plan, employers encourage loyalty by matching employee contributions.
  3. The company decided to implement a SIMPLE plan to help their employees save for retirement.
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