Home Locations Customer Support

Savings Incentive Match for Employees (SIMPLE)

 

Savings Incentive Match for Employees is an affordable and easy IRA plan that is perfect for start-up businesses that don’t have a retirement plan yet.     

 
Contact Us
A Savings Incentive Match for Employees (SIMPLE) retirement plan allows employers and employees to contribute to a traditional IRA plan set up for the employee. This plan is designed for businesses with less than 100 employees who don’t have a retirement plan in place.
 
 
 
 
 
  • Less expensive to install and administer than a profit sharing plan
  • Designed for businesses with less than 100 employees
  • Tax-deferred savings for employees
  • Funded by employee salary deductions
  • Totally portable since funds are held in a SIMPLE IRA
Annual contribution limits may apply
  • $5 monthly fee if average balance is below $7,500
  • $4.99 monthly fee for online banking
  • $9.99 monthly fee for online banking with bill pay
  • Small fee of $.10 per item for each debit over 100
  • Balance requirement fee and per item fee for debits paid are waived for non-profit organizations

What our
customers say

You’re a person here, not a number. The people here know who you are when you walk in the door and treat you like family.

– First Citizens National Bank customer