Who is eligible for a SIMPLE IRA plan?
Small business employers (including self-employed individuals) that have 100 or fewer employees and that do not maintain any other qualified plan are eligible to establish a SIMPLE IRA. Eligible employees are those who have received compensation of at least $5,000 in any two preceding years and who reasonably expect to receive at least $5,000 in the current calendar year. (Note: Employers may choose more-liberal eligibility requirements.
