Simple Ira Plans for Small Business

Retirement Plans for Small Businesses

The SIMPLE IRA is a low-cost, easy to administer retirement plan for self-employed individuals or for small businesses with up to 100 employees. The SIMPLE IRA retirement plan offers most of the benefits of a 401(k) without the annual testing or IRS reporting requirements. Best of all, participants can choose from over 70 T. Rowe Price no-load mutual funds to help build your retirement savings.

SIMPLE IRA Plan Benefits at a Glance

  • Business owners can save $3, 400 or more on this year's tax bill.1 Employer contributions to a SIMPLE IRA plan generally are deductible as a business expense.
  • Personal tax savings: Salary deferral contributions reduce taxable income, which can mean a valuable tax break.
  • Tax-advantaged savings: Any SIMPLE IRA account growth is tax-deferred until the money is withdrawn, usually during retirement.

1 Assumes $75, 000 business owner's salary, 25% tax rate, $12, 000 maximum deferral, and 3% employer match. Actual tax savings will vary.

Participation Is Voluntary

  • Eligible employees choose if, and how much, to contribute to their SIMPLE IRA.
  • Unlike other kinds of retirement plans, a SIMPLE IRA plan has no required level of participation.
  • Starting a SIMPLE IRA retirement plan with T. Rowe Price is free.
  • T. Rowe Price mutual funds are free of up-front loads or sales commissions.
  • We keep our mutual fund expenses low, so more of your money is invested.2
  • An annual $20 account service fee is charged for each mutual fund account with a balance of less than $10, 000. The $20 account service fee will be waived for the following circumstances: Subscribe to electronic delivery of statements and confirmations*; maintain an individual combined balance of $50, 000 or more for all T. Rowe Price accounts (including mutual funds, Brokerage, Variable Annuity, and Small Business Retirement Plans); or qualify for T. Rowe Price Select Client Services based on higher asset levels of $100, 000 or more. If the Participant Account is closed during the year, a $20 closeout fee will be deducted automatically from the proceeds of the total redemption. However, the closeout fee is waived when an account service fee was previously assessed to the participant for that year or when the proceeds are being used for a rollover, transfer or conversion to a T. Rowe Price retirement plan account or T. Rowe Price IRA account.

BiblioGov To amend the Internal Revenue Code of 1986 to allow small businesses to set up simple cafeteria plans to provide nontaxable employee benefits to their ... cafeteria plans, flexible spending accounts.
Book (BiblioGov)
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2012-08-29 11:33:36 by L1432

PRe: rofessional Business Plan Writer for NPO

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