A SIMPLE (Savings Incentive Match Plan for Employees) IRA is a tax-advantaged retirement account for small businesses. Both the employer and employees can contribute to their SIMPLE IRA plan. Offering a retirement savings plan is an attractive benefit that can help you hire and retain talented employees.
- Competitive Interest
- No Monthly Fees
What is a SIMPLE IRA?
This type of IRA business account is available to businesses with 100 or fewer employees. The distinguishing features of SEP Accounts include:
- Cost: SIMPLE IRAs are easy and inexpensive to set up and operate.
- Contributions: Employers must contribute a match of up to 3% of an employee’s annual salary or a 2% nonelective contribution if the employee decides not to participate.
- Vesting: Employees are always 100% vested in their SIMPLE IRA funds.
- Provides retirement income
- Attractive employee benefit
- Easy to establish and run
- Low administrative costs
- Employees can choose to contribute
Set up a SIMPLE IRA!
West Shore Bank has been Making a Difference Since 1898. For over a century, we have remained committed to helping the people and businesses along the lakeshore to improve their financial well-being. Visit one of our nine locations in Ludington, Frankfort, Hart, Manistee, Onekama, Scottville, or Traverse City.
Apply now to start a SIMPLE IRA for your small business and enjoy access to Business Digital Banking services.