What is a SIMPLE retirement plan?
As a small business owner, you will want to make sure your employees are well taken care of, even when it comes to retirement. Setting up a simple retirement plan is a great way to set aside funds for workers in a way that is easily manageable.Jobs Protection ActDue to the Small Business Jobs Protection Act of 1996, small business owners have the option of setting up simple retirement plans for employees who do not currently have one. Business owners can also set up this type of plan if they employ 100 or fewer individuals.SIMPLESIMPLE, or Savings Investments Match Plans for Employees of Small Employers, can be created as an IRA for each individual employee or can be part of a deferred fund arrangement, such as a 401(k).Financial InstitutionsWhen SIMPLE plans are set up, an employer can have all the funds sent to one financial institution for all employees, which may help to keep them organized. However, the employer can send funds to a specific bank or credit union if an employee requ
